SELF – REDEVELOPMENT….

Every development comes with an impediment of responsibilities. If it is a redevelopment then it is initially helmed by the society members and then later handed over to a rightful constructor.

When the capital required for rebuilding a premise is helmed by the members of the society and all profits are retained by the members then it is termed as self-redevelopment. But for a self-redevelopment, the job is easier said than done.

A comprehensive study needs to be accomplished. The efforts here are to be taken over by the committee members of society. Right from arranging finance, appointing professionals, to procuring materials and quality check is to be done by them. It is a herculean task but not unachievable when benefits are supplementary.

To achieve an effortless attainment of any project its team members play a pivotal role.

Formation of a Committee: – The society must decide upon themselves a committee of members who can dedicate time and decision making skills on behalf of the society. These will further aid in appointing other professionals required to further the process of self-redevelopment and handle finances.

Architect: – The role of an Architect is of paramount importance. A well versed Architect having profound knowledge in building byelaws is to be assigned. He would be instrumental in finalizing the building design, getting its approvals upto occupation certificate, and to give a clear picture of the sale values after committing areas to the members of the society.

Project Management Consultant:- A well experienced Project management consultant who has up to date knowledge of the prevailing municipal charges will be significant in establishing a cost analysis through a detailed feasibility report. This will be helpful in stage wise planning of all the expenses to be incurred for acquiring the necessary approvals and construction for the period of execution.

Financial Accountant– with the help of the PMCs report the cash flow analysis can be done to understand when finances need to be dispersed or collected from the society members.

Contractor: – To do the actual construction a proficient contractor is to be appointed. He would be procuring materials required to complete the project.

 This kind of redevelopment is possible when

• When members of the concerned society are financially strong enough to put the proposal in the society’s name and wish to reap benefits within themselves or they can outsource investment required for the same.

And when

• When FSI is over used beyond the basic FSI limit and little is left balance as a sale component and no developer wishes to participate citing less benefits.

Self-redevelopment is desired by many as it has its virtues

• Members can distribute extra areas amongst themselves as per their needs and finance contribution.
• Quality check and supervision can be achieved as per their determination.
• The capital received through sale of flats can be redistributed amongst members.
• Most important factor is that the city’s banks are ready to finance the capital costs required for development.

Self-redevelopment due to its complexities is concluded as an arduous task. Once the trials and tribulations are known many may opt out. But with unity and support of its members it is not unimaginable.

          Self-redevelopment can be achieved if properly accomplished with the right guidance from trusted professionals, relevant data of time and cost analysis, a good management can be transformative point in construction scenario and it will be Welcome shift too in the construction industry.

Ar. Rashmi Phulkar   
(Practicing Architect, Vile Parle EAST)