What is Redevelopment?
Redevelopment is the complete procedure of demolishing an existing building or group or buildings or society and reconstructing it by appointing a good reputed builder and developer who can hand over new flats to the building members or the society members for free.
Moreover, the developer will also give some additional benefits like some amenities, and make a profit by utilizing a balance plot for additional flats and shops with a maximum FSI of 2.5.
Who is eligible for Redevelopment?
In Navi Mumbai, Maharastra, only CIDCO buildings, that are located within the CIDCO jurisdiction are eligible subject to the below-following conditions.
- If the building age is more than 30 years – A structural audit is not required.
- If the building age is less than 30 years – A structural audit is a compulsion.
Why there is a need for Redevelopment?
As per housing stock, the dilapidated tenements constructed by CIDCO more than 30 years of age are 44394 tenements (35%), and between 25 to 30 years of age are 19420 tenements (16%). 51% of the total housing stock is dilapidated.
If redevelopment takes place the dilapidated buildings will be replaced with new buildings which will be a boon to prevent sudden collapse or loss of human lives as well as properties. The housing stock in Navi Mumbai will increase by 1.5 times the existing housing stock on existing land with upgradation in infrastructure.
Places in Vashi Navi Mumbai and Sanpada Navi Mumbai have many redevelopment projects that are either completed or in process.
Advantages of Redevelopment
- Redevelopment of new buildings and society will generate employment opportunities.
- The redevelopment will also improve good quality residential homes, thus it will also improve the good quality of life.
- Families residing in smaller homes and flats will get a better and bigger carpet area in the new building along with amenities like a swimming pool, gym, and playground for children.
- Relief in property prices in urban areas due to redevelopment.
Different stages of Redevelopment
- Application for Redevelopment
- Verification of structural report by the Committee
- Letter of intend
- Hearing of proposal
- Scrutiny of drawings
- Issuing of the modified agreement
- Issue of CC/OC