Society Self Redevelopment in Development Manger Model

Benefits of Self-redevelopment

Redevelopment projects attract builders, as there is a huge potential of profit from selling the extra inventory left after allocating space to original members. The developer earns extra from the saleable area. However, under a self-redevelopment project, any surplus amount from the sale of the extra inventory is retained by the society and distributed among the members. The society also holds control over all aspects of the redevelopment of the property. It can decide the type of amenities- pool, parking, etc. – to be included in the project and reserve the choice of new members for the saleable area. While the builder takes an irrevocable power of attorney and Development agreement from the members, whereas all the property rights remain in the hands of the society in case of self-redevelopment.

Before thinking of self-redevelopment, society must discuss it with its members. The best way to do so is to call a meeting and ask members to fetch proposals from the developer, who they consider for taking up the redevelopment project. This move will make the process more transparent and other members will feel their involvement in the redevelopment of the society.

We Sawant Associate, Society Self-redevelopment consultant are here to work with you through Development Manger Model, to provide Project feasibility, master planning, R.C.C. Designing, construction management, Project branding, marketing and sales, project Funding and bridge funding and advice Societies who are willing to do society Self Redevelopment. With an in-house team of advisors and consultants, we assure to assist you with the best.

Why Redevelopment of housing Society?

• Outdated Building Designs
• Dilapidated Building
• Need of Modern Amenities
• Up to date Safety Norms
• Need for larger Space
• Need Parking space
• Improve Quality life style
• Required Green Building

We offer services for self-Redevelopment under Development Manger Model

• Project Feasibility Report and Master Planning
• Project Funding, Bridge Funding and Finance Management
• Construction Management
• Project Branding Marketing and Sales

Project Feasibility Report and Master Planning.

This is a basic program designed to work out the feasibility of a particular project and set project standards and guidelines.

We use the following elements to determine the feasibility of a project.

• Technical Feasibility using FSI Calculations and regulations set up by the regional planning and development authorities.
• Concept Drawings
• Sale Feasibility
• Financial Feasibility
• Risk Analysis
• Project Investment Feasibility [For Investors]
• Authorities Charges Management

Project Funding, Bridge Funding and Finance Management

Sawant associate assists to raise Finance for projects via Banks, Private Investors, NBFCs, Barter System, Underwriters, etc. and provides assistance to develop a Finance Management Strategy.

Construction Management

Construction Management is the most detail oriented and industrious element in any project.

• Our Construction Management Program is a perfect blend of technology and experienced and hardworking professionals with hands-on experience in construction.
• Our Construction Management Team has the necessary experience and skills to proactively manage all types of construction projects with strong technical support.
• We adopt Building Information Modelling in order to increase productivity in the Construction process and give strict emphasis on Construction site safety.

Project Branding Marketing and Sales

Sawant Associate has a strong Marketing and Sales team which provides assistance in sale of any type of Real Estate.

• We also provide assistance to Societies opting for Self-Redevelopment and to other Project Management Consultancies for Launching of a project using strategic and creative branding and Marketing Solutions and also to sell the “Free-Sale” units of a Self-Redevelopment project.
• Sawant associate team has over 20 years of experience in Real Estate Marketing and Sales.
• We assist our clients in developing the perfect Branding strategy suitable for their project.

With our Self Redevelopment (Development Manager Model), we make sure to ensure that the self-redevelopment process is completed on time and in synchronization with the societies’ requirements. Right from planning, coordination, monitoring to controlling the project, we ensure that every task is carried out with utmost transparency, and as per the stated industry norms.

Procedure for Self-Redevelopment under Development Manager Model

The checklist for starting a self-redevelopment project starts with having the conveyance in the name of the society, that is, the society should be the owner of the land. For a society which has the conveyance in its name and wants to go for self-redevelopment, the first thing to acquire is the consent of all the society members and pass resolutions for self-redevelopment through Development Manager Model.

Once consent is in place, the actual process starts, which includes the following :

• Getting the feasibility Report and master Plan done for the project
• Arrange for bridge funds required for the project
• Appoint Architects, Contractors, Consultants, Legal Advisors, Chartered Accountants, R.C.C. Consultant, Civil Engineer, Marketing and Sales Managers, etc. Under The Development Manager.
• Provide the relevant scope of work to each Agency/ Expert
• Manage the review, validation, communication, coordination of all the parties involved to ensure the project delivers as estimated and as per the standards
• Manage the documentation and approvals from different Government authorities
• Manage the conflicts between different society members and their expectations
• Manage the sale of flats to recover the loans

Advantages of Self Redevelopment (Development Manager Model)

There are various advantages of self-redevelopment as against opting for builder-led redevelopment.

• In a self-redevelopment project, the society members have control over the project where they can decide on plans, designs and also setting development standards. The society members can also decide the amenities they want to have in the self-redeveloped society like parking spaces, play area for children etc.
• In a self-redevelopment project, ownership remain with the society.
• In the case of self-redevelopment of a housing society, the members also get higher extra space as compared to builder led redevelopment.
• The surplus created by selling off extra flats is also higher as no part of it has to be shared with the builder.
• The funding from Bank and financial institute they also help in managing rent allotment as per the convenience of the society members.
• The most important advantage of self-redevelopment is that during this entire process, all the documentation and plans are in society’s name, i.e. the property rights are with the society.

Disadvantages of Self Redevelopment

Self-Redevelopment has its own set of challenges that need to be considered before making the final decision.

• Difficult to Arrange the Initial bridge funding from the society
• 100% consent from the society members for self-Redevelopment.
• No expert knowledge to take up a lead.