Self-Redevelopment projects in Mumbai
Most societies typically opt for redevelopment of their building through a developer. But with problems related to traditional redevelopment piling up along with delays in commencement and completion and a lack of benefits, many of these societies have decided to opt for Self-Redevelopment instead of builder-led or traditional redevelopment.
But Self-Redevelopment is not a new concept. In fact, it is the oldest and most beneficial approach of redevelopment that is making a comeback due to the distrust and delays involved with builders.
The government has been extremely supportive of the concept, launching the Self-Redevelopment scheme 2018 on January 8, 2018. The scheme was a move to accelerate the Self-Redevelopment process. The Maharashtra Housing and Development Authority (MHADA) too has provided a single window system in order to secure the required permissions promptly for society’s opting for self-redevelopment, thus giving a boost to the popularity of this approach.
Presently, the Mumbai District Central Cooperative Bank Ltd (Mumbai Bank) lends finance required for Self-Redevelopment to societies and has already cleared multiple projects.
All of this support has resulted in society members leading the redevelopment project, making decisions and overlooking the process of the project themselves.
Saptarishi CHS in Borivali, currently standing tall, is an example of a completed Self-Redeveloped society. “The builders were unwilling to proceed and the society’s condition was very dilapidated. We thought it made better sense to get a loan by mortgaging the property and go in for self-redevelopment”, said Arch. Umesh Gavade, member of the society who managed the entire project of Saptarishi CHS themselves, and is now a key part of Wedevelopment.
An example of an on-going self-redevelopment project in Mumbai is Ajit Kumar Society, Goregaon. Here, the old structure, only 3 storeys high, is now being replaced with a 9 floor block where each apartment gains at least 100 sq. ft. The secretary of the building stated that the processing of project approvals has been fast, as the bank – as a government entity – has tied up with state agencies to expedite formalities.
Apart from few societies managing Projects themselves, there are also societies who have taken support of professionals and are moving ahead at an accelerated pace. Two of these, Harmony (Suma Sam CHS) and Jayakunj CHS in Borivali West, being managed by Wedevelopment, have received disbursements from the MDCC Bank and have reached further stages of construction. In both these projects societies are getting double the benefits than what any builder was ready to give. “We got to know that Mumbai District Cooperative bank grants loans for self-redevelopment of old buildings and that Wedevelopment will take care of all the other requirements managing and supporting the process. The managing committee of our society helped the residents (especially the retired people) understand that they will not have to run around to do the paperwork, look for contractors or finding a house to rent temporarily and moreover the benefits were double of what any builder was offering us,” says Vijay Ladhe, 68, chairman of the managing committee, Jaya Kunj Co-operative Housing Society.
These projects have paved a success path of self-redevelopment for the other societies to tread on.