Redevelopment Guide

Redevelopment is the process of improving an area by replacing old buildings and roads with new ones, or by renovating blighted areas. It can involve physical planning and initiatives to make a city more livable for its residents.

Redevelopment can have several benefits, including:

Improved livability

Redevelopment can improve the physical, economic, and social fabric of a city.

Increased tax revenue

Redevelopment can increase property values, which allows local governments to levy higher property taxes. This revenue can be used to improve the area’s infrastructure, public services, and education.

Here are some of the rules for redevelopment in Maharashtra:

Eligibility

Redevelopment can be done if a building is at least 30 years old, or if the Planning Authority has declared it to be in a ruinous condition or likely to fall.

Eviction

Once a redevelopment proposal is approved, all apartment owners must vacate the building. They will be provided with alternate accommodation or rent.

Developer appointment

The procedure for appointing a developer applies to all types of redevelopment.

Decision making

The decision to redevelop a housing society’s buildings is made in a Special General Meeting (SGM) of the society.

Completion time

The redevelopment project should be completed within two years from the date of issue of the first certificate, or three years in exceptional circumstances.

Bank guarantee

The developer must provide a bank guarantee to the society for 20% of the total value of the project.

Private developer consent

Private developers need at least 51% irrevocable consent from the occupants or tenants of each building.

Minutes of meetings

The secretary of the society must prepare minutes of the Special General Meeting and circulate them to all members within seven days.