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December 2018

Borivali Housing Societies to develop own Buildings

By | Press
Self redevelopmet in Borivali

As the trend of self­redevelopment picks up, two societies from Borivali’s IC Colony join the bandwagon; MDCC Bank approves Rs 5 cr loan each for the projects.
Two more housing societies from Borivali’s IC Colony have opted for self­redevelopment of their old buildings in indications that the trend is going to pick up big time in the coming year.

The residents of Jayakunj and Harmony buildings in IC Colony performed bhoomi pujan of the projects this week. The twostorey buildings will be redeveloped into seven­storey structures with the help of Wedevelopment, a company that will provide end­to­end services to execute the project with the funding coming from the Mumbai District Centre Cooperative Bank

BJP MP Gopal Shetty, BJP MLA and chairman of MDCC Bank Pravin Darekar were present at the bhoomi pujan to support the initiative. The MDCC Bank has sanctioned Rs 5 crore loan each for the projects. Shrikant Kunte, secretary of Harmony housing society, said that when they decided to go for redevelopment of their 30­year­old building, they took the traditional route of inviting proposals for developers.

“But our plot area is 350 sqm and the builders, who showed interest, offered 20 to 22 per cent extra carpet area in the redeveloped project. All seven members in the society felt that it was too less. We then heard about the concept of self­redevelopment and decided to examine the option,” Kunte told Mirror.

The society then approached Wedevelopment headed by Pranay Goyal, who provided extensive presentation on the benefits of self­development.

“Under the self­redevelopment model, we will now get 41 per cent extra area. We have two sizes of flats — 420 sq ft and 650 sq ft. Both will get 41per cent more carpet area. Wedevelopment will provide us end­toend services from getting approvals till possession and execute the project within 18 months,” Kunte said, adding that the commencement certificate is expected within a week after which construction will start.

Vijay Lade, chairman of JayaKunj CHS that has eight flats of 460 sq ft each, said his society too went through the regular developer­driven process initially, but was not happy with the extra carpet area offered. “In self­ redevelopment, we are getting 44 per cent area. Wedevelopment is providing us all the services. More importantly, the society members will retain the control of the project. We have tied up with HDFC which will help us sell the saleable component for a brokerage,” said Lade.

Lade said that when the project is complete, the profit will be shared by all society members in equal measure. “The sevenstorey building will have nine saleable flats and expected to generate Rs 16 crore at the rate of Rs 24,000 per sq ft. We expect a profit of Rs 3.5 lakh per member,” he said.

Wedevelopment’s managing director Pranay Goyal said his company has empanelled building contractors, architects and other experts. “The initial stage in self­redevelopment like arranging finance, gearing up to make tough and critical decisions, working with different professionals gives societies major jitters. But, we bring to the table professional management, transparency, risk mitigation, and most importantly, structured processes. We will have daily and weekly briefings to the society once the projects go live,” said Goyal.

Selecting a PMC for Self Redevelopment

By | Blog, Self redevelopment | No Comments

PMC for Self Redevelopment

Traditionally PMCs were Architect or Engineering firms working for the Societies to gauge their development potential based on the prevalent Government norms. They took one step ahead and started supporting societies in getting Developers on board to fulfil their Development needs.
But now, when it comes to Self Redevelopment, the requirement is far more broader and complex than what used to be done in Traditional Redevelopment.
What Societies need in Self Redevelopment is a management body that not only certifies the work done by different agencies, but also someone who can manage the different professionals involved, the finance arrangement aspects, the quality standards, the government norms, the legalities involved and the sales management. Societies also want the management body while keeping track of all the above aspects to be capable of providing them insights, supporting them in making critical decisions and anticipating the possible risks and providing mitigating options.
The expectations of the societies from PMCs when it comes to Redevelopment led by Developers and the ones for Self Redevelopment are completely different. Since Self Redevelopment is in it’s nascent stage, societies are still figuring out what to expect and what not to expect from the PMCs. And in the confusion, they end up going with PMCs which are equipped with limited capability for this type of Redevelopment. And as time passes, the Societies realise the pitfalls and are again stuck midway.
The new role is fairly complex and will get clearer with times to come.
PMC for Self Redevelopment
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TROUBLESHOOTER

Every problem is unique, and requires an all-round perspective to arrive at the best-fit Solution
Being a leader in the Self-Redevelopment space brings its own sets of responsibilities, of creating the right path and helping others in moving in the right direction.
Troubleshooter, is an initiative by Wedevelopment to guide Societies who are willing to opt for self redevelopment or already have initiated the journey of Self Redevelopment but have hit a wall in the process.
It is a One to One Consulting platform for Co-operative Societies to get the right answers.

The above Consulting is for the following Category of Societies/Challenges:

The Team of TroubleShooters:
Wedevelopment along with the following Industry experts are coming together to help you:

The Cost:
This Consulting Session is FREE for the Societies registering before 10th July 2020.

Please note:
In order to organise the session with the right expert and value time of the session, Society is requested to send a note with the following info:

"If you have knowledge, let others light their candles in it" - Margaret Fuller

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