What You Need To Know About The Property Redevelopment.

What You Need To Know About The Property Redevelopment.

First of all, you need to understand what is Redevelopment?

Redevelopment is nothing but reconstruction or rebuilding of a property/building or Housing society by demolishing the existing structure and building a new one as per the rules and approvals of the said authorities of a particular city or area.

What happens in redevelopment is that builders or real estate developers are on the lookout for properties or dilapidated buildings/housing societies to redevelop, where they can build higher or taller structures. What builders do is offer the previous owners of the property new flats with an additional area equal to the existing area of their home with better amenities and infrastructure in return the remaining apartments are sold by the builders for a good profit. As kalpataru is also coming up with a good new project in kandivali called kalpataru elegante

However, redevelopment can take place only when 75% of members give their consent.

Why Redevelopment Is Better?

Firstly, when it comes to old dilapidated buildings or housing society the repair and maintenance cost would be very expensive. Also, it would be an absolute hassle for the homeowners as they will first have to get an audit done than the budget would have to be approved then you would have look for a civil engineer that will provide you with quotations that are as per your budget, and once the work starts it will be trouble for the society members In terms of safety and space issues.

No doubt once the repair work is done your society and building will be as good as new yet it will be the same when it comes to space and area you won’t be getting any additional space in short you will not profit from this unlike in Redevelopment where the builder agrees to provide you with extra space equal to your existing ting space. Hence Redevelopment is a good option.

Disadvantages Of Redevelopment

Redevelopment requires a lot of paperwork, bureaucracy, rules, and regulations that need to be followed, a complete understanding of how redevelopment works, to understand the tenders submitted by the builders.

Then to approve the right builders, negotiating with the builders considering that the builder wants to profit from this project hence it’s important that both parties reach agreeable terms benefiting both parties.

There is also the issue of delayed project completion caused by various reasons for example during the lockdown period real estate development had come to standstill because of the shortage of daily wage workers. This would mean homeowners who have been displaced from their homes will have to wait for a long time before living in their new homes. you must also check out show flat of kalpataru elegante kandivali.

These are some of the Disadvantages of Redevelopment, however, if you look at the bigger picture then it’s worth taking the risks considering you would be the one profiting as you will be the owner of a bigger home than before.

Ultimately, it’s a collective decision made with the approval of 75% or more majority society members but one thing to keep in mind is that right from the beginning ensures that you have professional lawyers to guide you and to make sure that you are not cheated in the process.