Self-development: DIY redevelopment model for housing societies
PranayGoyal has been a part of Goyal Group since 2010.With a perfect blend of inquisitiveness and business orientation, Pranay in a short span has evolved as a budding entrepreneur with innovations up his sleeve. The steps taken by him have already started garnering positive reviews among the customers and industry leaders. With a fresh new approach and leadership skills he is all set to spearhead the Group into new heights.Realty+ talks to Goyalin order to better understand the new concept of self-redevelopment.
What are the advantages of self-redevelopment over repairs?
For many years, repairs have been the most commonly known solution to overcome challenges faced by old buildings. However, they have proven to be rather short-term as they increase the life of a building by only 3-4 years, after which problems can reoccur.
Moreover, these old buildings are not equipped to withstand major climatic or geographical changes as they are designed with old construction norms, and opting for constant repairs only implies frequent expenditure by society members. This has resulted in repairs not making for a viable solution in the long haul.
The self-redevelopment model that a number of societies across the country are gradually adopting is more advantageous. For starters, it helps with having a new building in place that does not require repairs for a long time as they are not posed with corroding or related challenges. Being constructed with newer norms via self-redevelopment, these buildings are also fit to face dynamic climatic conditions.
Most importantly, via self-redevelopment, society members can avail benefits including additional area and surplus.
The role that Wedevelopment plays in the self-redevelopment of a society?
While self-redevelopment is highly beneficial, it is a DIY sort of a model that housing societies are not too familiar with yet. Due to this, they are posed with a number of issues that include the mismanagement of funds, delay in operations, and more importantly, the dynamic regulations of the government that are hard to keep up with, on several occasions.
This is where Wedevelopment steps in. As an organised and systemised body, it takes a holistic approach and guides societies throughout, making the self-redevelopment process risk mitigated and reliable. It provides complete clarity to societies and practically handholds them through each step of the execution via a systematic approach, while complying with changing government norms such like RERA, GST, and more, and securing essential permissions, among others. By making the entire process transparent and organised, Web development ensures an on-time handover to residents.
Ground rules to keep in mind when it comes to self-redevelopment?
As mentioned earlier, self-redevelopment, even though a robust model, is new to societies in India. Therefore, it is crucial for societies to exercise due diligence by getting an experienced consultant on board before commencing with the process.
The primary requisite is for there to be clear communication, and a common consensus amongst all members of the society, and the consultant. To ensure the smooth execution of this model, there should be a string of professionally created communications plans and presentations, involving the consultant that highlight all the advantages of the process.
Furthermore, stakeholders should have active involvement throughout the execution of the project, until its completion, especially in activities ranging from securing required approvals from concerned authorities to getting necessary no-objection certificates, and having all the paperwork in place, as the entire onus of the project lies with them.
Is self-redevelopment the future of Real estate?
As a transparent, holistic and risk-mitigated approach, self-redevelopment has made its way to become the future of the real estate sector. This holds particularly true in the case of metros, where majority land has already been consumed, leaving no free land available for developers.