Top 5 Advantages / Benefits of Self-Redevelopment
The need for self-redevelopment has gone at an all-time high. Societies are very much interested today to go in for self-redevelopment looking at the benefits which are available for them. With all other advantages remaining the same with a developer led redevelopment, the following are the Top 5 Benefits of Self-Redevelopment distinctly available for society members in self redevelopment:
1. Extra Area
Society members get higher carpet area as compared to the one given by developers. Society members can further buy extra area at a better discounted price for themselves.
The entire surplus generated by the project, which would have otherwise gone to the developer, in case of self-redevelopment gets distributed amongst society members. This is a fairly high amount and is used by members to manage their house maintenance when they start residing in their new homes.
The bigger advantage of doing self-redevelopment is the entire control being in the hands of the society. Controls like agencies/resources appointment, cash flow decisions, sales decisions, design decisions and all other day to day decisions of the program. The higher the control on the project operation, the higher the control on the output.
4. Risk Mitigation
The controls of decisions being in hands of society brings them closer to being an authority to minimize risks. The society can take immediate decisions on cost-benefit ratio and get the operation moving ahead faster.
5. Society Name
The NOCs, designs and documents will be directly in the name of the society. These clear assets, which even after the members start residing, are otherwise not available today with societies. In self redevelopment, this becomes a big advantage as all these are in the name of the society.