Redevelopment

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FAQ's on Redevelopment

1What documents are needed for the vetting process for redevelopment?
The following documents are required for the vetting process for the redevelopment Conveyance of the Property:
  • Property Card in the name of the society
  • Old Occupation Certificate along with plans
  • CTS Plan
  • List of allotment members along with the carpet area
  • Development Plan remark
2Are buyers protected, and if so, how?
The Central Government of India drafted and approved the Real Estate Regulation and Development Act of 2016 to protect house buyers while encouraging real estate investment. Buyer complaints can be sent to MAHARERA for a prompt response. The law addresses the entire process of buying a house and redevelopment.
3What are the stages of redevelopment?
The following are the steps of redevelopment: A general body meeting with a majority in favor of the redevelopment A legal representative to appropriately guide the members in obtaining and scrutinizing bids from builders and selecting the appropriate builder meeting the financing requirements. Approval from necessary legal authorities and allotment of builder Signature on various necessary documents to begin the process Completing all financial and other obligations, and then ensuring that the building is evacuated and ownership of the current premises is transferred to the designated developer/builder Post redevelopment, issuing Occupancy Certificate and handing ownership back to the owners.
4Who can go into redevelopment?
A building that has not used the full potential of the site under the current DC standards may be redeveloped. This is conditional on both the housing society and the owner possessing a clear, marketable title.
5What are the statutory payments and who bears these costs?
When a redevelopment project is in the process the statutory payments are paid by the developer. Additional payments or any outstanding payments with extra land purchases shall be paid by the members.

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