What Is Redevelopment?
Redevelopment offers a powerful solution for housing societies in Mumbai where old buildings are either dilapidated, uninhabitable or lack modern amenities.
It is a process of demolishing existing structures and reconstructing buildings into modern, functional spaces.
Redevelopment of societies accelerates and empowers them with more space, better amenities, and an improved quality of life.
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BENEFITS of Redevelopment
Partnering with a reputable developer like Arkade unlocks a range of benefits for societies.
Optimal space utilization
Dedicated parking space
enhanced property value
.
Modernized living spaces
Upgraded lifestyle amenities
Community revitalization
Why Choose Arkade For Redevelopment In Mumbai?
On-time Delivery:
Arkade prioritizes timely delivery, consistently completing every project ahead of schedule. This commitment to punctuality fosters trust and reliability with our clients.
Exceptional Quality:
Our dedication to constructing premium quality homes sets us apart. We use only the finest materials and fittings in all our constructions. This ensures durability, aesthetic appeal, and client satisfaction.
Expertise in What We Do:
With a skilled in-house team handling every aspect of redevelopment, we ensure consistency and quality from design to execution. Throughout every project’s lifecycle, our team stands by your side, ensuring seamless accessibility and unwavering engagement.
Transparency:
Transparency is fundamental to our ethos. We maintain clear and professional communication, keeping all paperwork and interactions open with the communities Arkade redevelops.
Financial Stability:
Arkade prioritizes financial stability, demonstrated by strong credit ratings, robust balance sheets, and certified solvency.
Personal Touch:
We design apartments tailored to your individual needs, offering the flexibility to adjust the size and layout based on your input.
Think Redevelopment. Think Arkade!
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Completed Redevelopment Projects
Ongoing Redevelopment Projects
FAQ
- Property conveyance document
- Property Card
- 7-12 Extract
- List of members with existing flat numbers and existing carpet area
- Existing IOD with Plan
- Existing Occupation Certificate with associated plans
- Latest CTS Plan
- Latest DP Remarks
- AutoCAD of Physical Survey
- Any Litigation if any in respect of society/Land/third party rights etc.
If a building has an appropriate balance of floor space index (FSI) and has the potential to consume FSI in the proposed redevelopment on the existing plot according to the current Development Control and Promotion Regulations (DCPR) of 2034, then that building may opt for redevelopment. However, this is subject to the agreement of both the housing society and the owner.
Generally, Existing members are allocated their new flats below the developers sale flats hence when the project is registered with RERA the Existing members and sale flats are secured. ie:- (When a sale flat is located above an existing member’s flat, the existing member is also secured under RERA guidelines).
The developer will sign a Development Agreement with the society, which will include all necessary provisions to ensure the safety and security of both parties and their members.
All the necessary approvals will be taken care of by the developer, at no cost to the society. There is no need for the society to follow up with government departments.
- The redevelopment of the project requires approval by a majority vote at a Special General Body Meeting.
- It is essential to engage a legal and project management consultant to guide housing society members throughout the procedure
- Finalize the Draft of the Tender and Finalize the Feasibility reports forwarded by the society consultant
- The public in general should be aware that the society is willing to go for redevelopment and hence request the developers to participate in the Tendering process and submit the bids and commercials as per the Tender.
- A comparison chart needs to be submitted by the consultant to the society (Offers, Financial strength, Experience to date, handling capacity, Past history, Deliveries, Company Profile…etc) so that the society can shortlist the right developers and request them for site visit and Presentation
- The final Offer is to be submitted by the developer so that they can finalize the Developer of the society in the presence of an Officer appointed by the Dy.Registrar.
- After the Appointment of the developer both parties shall finalize the Development Agreement, Power of Attorney, and Plans which shall be mutually agreed upon and be put forward in the SGM for approvals so that the said DA, POA, and Plan can be submitted for registration and approvals from the authorities.
- On receipt of approvals from the department and fulfilling all the required compliance as per the Development Agreement the developer will issue Vacating notice and accordingly the society will allocate the proposed new flat to the existing members and the developer will start the process of registration of the Permanent Accommodation Agreement.
- On receipt of possession of the society the developer will start construction as per the Development Agreement and on receipt of the Occupation Certificate the developer will inform the society to take repossession of their new flats.
Financial Stability
Verify the developer’s financial health through:
- Credit ratings
- Last 3 years Balance Sheet
- Solvency Certificate from National Bank
- Network & Turnover Certificate
Past Performance
To evaluate the Developer’s Portfolio check:
- Years of experience in the industry
- Strength of staff
- Expertise in handling redevelopment projects
- The volume of work done to date
- On-time delivery and quality of previous projects
Delivery Timeline
The Developer should have an on-time delivery track record. Also, check the copy of the project’s IOD, CC, and OC certificates.
Quality you Deserve
The Developer provides a consistent product quality, be it for the existing members or prospective buyers.
- It is important to choose the right developer for the redevelopment project instead of solely going for the highest offer submitted. All the necessary details should be scrutinized thoroughly.
- Development Agreements and plans should be finalized in consultation with the society’s appointed consultants.
- Transparency is crucial during the redevelopment process and should be given utmost importance.
- Any illegal activities are strictly prohibited during the process of redevelopment.
A homeowner can benefit from the redevelopment of a project in several ways, including:
- Additional area above the existing carpet area
- Hardship compensation
- Rent Refund
- Brokerage charges, relocation charges, etc.
- Increased Value of the property with latest and upgraded amenities
- Dedicated parking space