Self-redevelopment is a trend that is slowly making its way in Mumbai's real estate market where housing societies who do not wish to go with a developer, choose to redevelop their own buildings. However, it is yet to assert its claim in the redevelopment market.
The Maharashtra Societies Welfare Association (MSWA), an apex body of housing societies, has formed a study group under the chairmanship of Subhash Lalla, IAS (Retd). The study group comprising of various top officials, architects and others is talking to various stakeholders and will be submitting its study to government and the allied authorities who deal with redevelopment. There are close to 20,000 building both in city and suburbs which need redevelopment in the coming future. The aim of the group is to prepare a detailed manual, for implementing self-redevelopment.
"As a social cause, the MSWA has taken cognizance of this issue and formed a study group along with experts in the various field who will study the issue with pros and cons and submit its report to the government for taking the necessary decision in the matter," said Ramesh Prabhu Chairman of MSWA.
Apart from Lalla, retired government officers, practising architect, engineers, advocates, chartered accountants have been included in the study group.
The objective of the study group is to study the existing stuck redevelopment projects and the methods to complete the project by self-redevelopment or by another means. The group will also study the difficulties faced by all the stakeholders in the implementation of self-redevelopment projects. It will also outline the best practices to be adopted by the societies, contractor, project management consultants and all the agencies involved in the self-redevelopment.
The group will interact with all the stakeholders like PEATA, MCHI, NAREDCO, Builders Association, Project Management Consultants, Contractors, Cooperative Societies Federation, Banks and also incorporate their suggestions and also suggest them the best practices. It will also prepare a detailed manual for implementing the self-redevelopment in Mumbai and other areas in Maharashtra. Apart from this, the group will also discuss the different models of redevelopment with applicable risk and the measures to mitigate the risk. Post all this, the group will bring out the exposure drafts, invite the suggestions from the public and incorporate the same after considering them by the study group in the final report
After the study is completed the group will send the complete report of the study group to all the government departments like Urban Development, Revenue Department, Housing Department, Cooperative Department , Law and Judiciary Department, MCGM, CIDCO, MMRDA, SRA, MHADA, connected with redevelopment and many stakeholders for their inputs and also to bring changes in various policies as may be suggested by the study group.
The trend of self-redevelopment is on a rise a recent example would be that of the close to 47 proposals that MHADA received of its own layout buildings for redevelopment around half a dozen proposals were that of self-redevelopment.