What're the types of houses?
What're the types of houses?
Redevelopment of apartment complex or residential or commercial premises has assumed great significance. “Redevelopment” identifies the method of reconstruction of the residential/commercial premises by demolition of the existing structure and construction of a brand new structure. Today the societies are opting to go for redevelopment than repair. For redevelopment, builder enters into a development agreement with the Society. Entering into such development agreement doesn't vest any title of the land and only the developer, but merely authorizes the developer to develop the land.
Benefits of Redevelopment
In redevelopment, members get benefits in terms of money as well as additional area. Today the societies are opting to choose redevelopment than repair for the following reasons.
The repair work only increases living of the building by 3 to 4 years but the problems can re-occur and members have to pay money again for repair works. In case of redevelopment, it provides a new building which is why no major repairs are needed for a longer period. Redevelopment is preferred for buildings which are more than 15-20 years.
The old buildings are made with old construction norms and hence cannot withstand new climatic and geographic conditions. In redevelopment, a fresh building is constructed which can withstand new climatic and geographic conditions considering that the most recent safety measures are adopted. In redevelopment, the builder provides additional amenities like lift, gym, swimming pool etc.
Main disadvantage of repairing a building or apartment is that members have to pay money. In redevelopment, members get benefits when it comes to money in addition to additional area.
Another disadvantage of repair of building is that in old building the steel inside concrete beams and column starts corroding after 15-20 years which can not be treated in repairs. This problem does not arise in redeveloped building whilst the building is reconstructed by demolishing existing old building and its material.
Procedure and Documentation required
Many years back, developers who were not keen on purchasing land and developing exactly the same since that would have involved huge stamp duty cost on transfer of land. Instead, redevelopment of a classic building reduces stamp duty to a substantial extent. With this, developers enter right into a development Agreement with the Society. One of many advantages of redevelopment is that the lifestyle of old residents improves as they receive better, larger and safer spaces at no cost. Before commencing re-development, the following steps are required to be taken.
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