Comparison of Re-development
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Builder Re-development Contract Re - development Self Redevelopment
1 PMC prepares Financial – workable feasibility report PMC prepares Legal – Technical – Financial – workable feasibility report.
2 SGBM approves the report & expects builders to fulfill each & all promises SGBM approves the report , Agrees to allocate the work to designated professionals and expects them to perform. Collects 25% fund from members.
3 Tender floated to search for developer , to aid & manage entire project. PMC – Architect prepares concept plan – SGBM approval Plan submitted to BMC for approval – IOD .
4 Developers appointed & enters into DA, gets development rights from society. Prepares draft Concept plan for society approval with options to accommodate more area . Concept plan – PMC to search for options & proposals of finance procurement / modalities. Through ( members + relatives + investors + fund houses + Banks , etc. ) Members arranges required project fund through themselves or BANk.
5 On plan asks & Invites ( members ) to purchase additional area @10% discount , over & above free area promised. Collects fund ( cash part only ) sufficient to get the building plan approved from BMC – IOD. Funds necessary to do building plan approval till – IOD , assured & collected at society. Tender floated to appoint contractor cum developer to do only construction work against payment.
6 Keeps more purchaser in waiting to sale the demanded area at higher rate on IOD , to collect fund / cost of rent & corpus amount. Keeps more purchaser in waiting to sale the demanded area at higher rate on IOD , to collect fund / cost of rent & corpus amount Members arranges & finances for transit accommodations.
7 Building design & plan prepared & submitted to BMC for approval – IOD. Building design & plan prepared & submitted to BMC for approval – IOD. Existing members vacates building to allow the construction.
8 Existing members vacates building to allow the construction. Tender floated to appoint contractor cum developer to take - do only construction work, in exchange of / in lieu of salable carpet area proportionate to present market rate. Construction takes place as per order .
9 Appoints contractor to take - do only construction work, in exchange of / in lieu of salable carpet area proportionate to total construction cost. Existing members vacates building to allow the construction.