What is Redevelopment ?
Redevelopment is the process of demolishing existing old society building and reconstructing it by appointing a good developer who can construct and handover new flats to the society members free of cost with some additional benefits and make profit by utilizing balance plot potential by constructing additional flats and shops as per approval from M.C.G.M.
Advantages of Redevelopment Over Repairs
A. Redevelopment gives a new building for which no major repairs required for longer period.
B. New building is constructed with new construction norms and hence can withstand with
new climatic and geographic conditions.
C. In redevelopment, members get Benefits in terms of money as well as additional area.
D. As the building is new this issue of corrosion of concrete beams and column does not arise.
Today the societies are opting to go for redevelopment than repair as in redevelopment, the members get new fresh building + additional area + monitory benefits without spending any money from their own pockets.