REDEVELOPMENT AT A GLANCE
Redevelopment is replacing worn-out old buildings & societies with new ones.
This happens in societies where buildings are old & when they are over three decades and is in detoriating condition, lacking amenities, not occupied and requires additional FSI. Redevelopment helps to revitalize a community’s economy and add value to the property.
Redevelopment has its own pros and cons. Some pros include increase in value of property, sustainability of a property increases, modern buildings, more FSI, and better facilities.
Some cons are Loss of community, Increased cost of living, Environmental degradation, Strain on infrastructure, Legal challenges regarding zoning regulations, and Potential for delays and cost overruns due to legal challenges.
Typically, redevelopment begins with assessing the current condition of the structure and the potential redeveloped use case of the building.
PROJECT MANAGEMENT CONSULTANTS (PMC)
A project management consultant in redevelopment is typically an individual or a firm specializing in overseeing and managing the various aspects of redevelopment projects. They play a crucial role in coordinating the different stakeholders involved, such as developers, architects, contractors, and local authorities, to ensure the smooth execution of the project from start to finish.
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The architect first evaluates the available Floor Space Index (FSI) of the society, per building and flat, before proceeding with design. They work closely with the project manager and other stakeholders to develop design concepts, prepare drawings and specifications, and ensure that the design meets the project requirements and regulatory standards. After evaluating and finalizing the designing of the new buildings or structures, the feasibility report is prepared and is presented to the committee.
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The financial analyst is responsible for analyzing project costs, budgets, and financial projections. They help the project manager and stakeholders make informed decisions regarding budget allocation, financing options, and cost-saving measures. Also looks into the taxation part of the project.
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The legal advisor provides legal counsel and assistance throughout the redevelopment project. They review tenders, contracts, agreements, and regulatory requirements, and ensure compliance with applicable laws and regulations. The legal advisor also helps resolve any legal issues or disputes that may arise during the project.
STAGE BY STAGE REDEVELOPMENT PROCEDURE
01.
Proposal and Introduction
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The society approaches Ace Land Disputes and Redressal (ALDRS) to express interest in serving as the PMC for the redevelopment project.
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A comprehensive presentation is conducted, introducing the society to the redevelopment process, the role of a PMC, and the methodology of working.
03.
Quotations and Selection
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After clearing the documetations, the quotations for PMC services are provided to the society.
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Following a thorough evaluation, Ace Land Disputes and Redressal (ALDRS) is selected as the PMC during a society meeting, with the resolution recorded in the Minutes of Meeting.
05.
Feasibility Report
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Detailed measurements of existing flats are taken, and drawings for the existing carpet area is prepared.
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A Feasibility Report is compiled based on the data collected, which is later presented to the society members.
02.
Documentation
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The society provides all the documentation to ALDRS for scrutiny.
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Once the comprehensive reading and scrutiny of the documents are done ALDRS provides the society with free assistance in informing them what all documents are missing and would be required for the redevelopment process.
04.
Service Agreement
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A service agreement is prepared, with all terms and conditions discussed and agreed upon with the society.
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Necessary documents for studying the society’s details, such as sanctioned plans and society title, are submitted.
REDEVELOPMENT SERVICES
Once the society members finalize the type of plan they wish to adopt for redevelopment, specialists at Ace Land Disputes and Redressal (ALDRS) scrutinize all parts of the project.
Feasibility Report
A feasibility study is a comprehensive document that includes all the information considered necessary for the reconstruction of a building. A professional feasibility study serves as a concept note to draw in stakeholders and is the first step toward accomplishing overall objectives. The feasibility report goes into great detail about the following topics: site and context; land ownership; reservation and its impact; authorized carpet area; protected built-up area; building height assessment; development assessment; applicable FSI and TDR with or without premium; fungible compensatory area; additional FSI; open space; miscellaneous provisions; incentive offered under sector 33-7-B; cost and revenue assumption; cashflow modelling; and cost estimation.
Tendering & Developer Evaluation
The optimal agreement is negotiated by evaluating the ideas that interested parties submit. The developer is mostly chosen based on his or her track record and previous performance. Analysis would be done on his ability to fulfil commitments, average time spent building the projects, cash flow requirements and evaluation, and current deliverable.
Project Monitoring
With the use of technology, members of the public can closely watch a project's development without physically visiting the site by using our online tool, Project Monitoring. The tool would provide construction progress in addition to project photos. In order to promote transparency throughout the process, all project-related meetings, conversations, and documentation will be made accessible online. Alerts can be sent to all members or just to a closed group to draw attention to a problem. Ace Land Disputes and Redressal (ALDRS) will then respond with a compliance report and a solution.
LET'S GET STARTED
Starting a society redevelopment project is a big deal, and the first steps to success are a comprehensive feasibility assessment and other services. Get in touch with Ace Land Disputes and Redressal (ALDRS) right now to talk about your project and how our assistance will assist you in achieving your redevelopment objectives.