Basic Rules of Redevelopment in Mumbai As Per RERA

The Maharashtra Real Estate Regulatory Authority (MahaRERA) is in charge of the real estate sector in Mumbai. The Real Estate (Regulation and Development) Act, 2016, has been in effect since May 2017. This helps to maintain and supervise the real estate sector.

The Redevelopment Projects need to follow the proper rules set by MahaRERA. This helps to protect the interest of the customer, promoters, and real estate agents involved. The redevelopment rules are very much transparent and useful during the time of sale of flats, plots, and buildings.

Let’s look at the redevelopment rules:-

·         Offer Letter:

Society needs to get advertised in two leading newspapers and get sealed invitations from the Re-Developers in Mumbai. A redevelopment committee is formed to get the shortlist of at least three developers. At last, the data is sent to the State Project Management Group for final selection.

·         Terms and Condition:

It is the first step towards The Redevelopment of Properties. The basic terms and conditions are looked here such as:-

§  Shifting Charges
§  Alternate Accommodation
§  Corpus Money
§  Amenities 

§  Total time 

·         Finalizing The Plan: 

After consulting with the members, every detail should be highlighted. An agreement copy will be made after the consent from both parties by a solicitor. Then the Redevelopment Project must be sanctioned by the Municipal Corporation of Greater Mumbai (MCGM). 

·         Sanction from MCGM: 

The plan for the Redevelopment of Property is submitted. It includes the entire layout and concession plans in favor of floor space index or FSI. It is plot area + Transfer of development rights (TDR) from the open market.

 Loading TDR:

After MCGM approving the plan, the Re-developers in Mumbai can purchase the TDR from the open market. This step is taken so that the entire development process happens smoothly. The PCPL or Pranav Constructions offers unique ways of redevelopment services for every person. They provide affordable luxury homes mainly for middle-class owners.

·         Obtaining Intimation of Disapproval (IOD): 

The developer starts to work as per the IOD and accordingly receives the commence certificate. One of the best developers is PCPL, which delivers every project before time. They offer high-quality commercial and residential space and focuses on satisfying every customer.

·         Shifting of Members: 

It’s time to shift the members to the alternate area as decided. The developers should focus on following the guidelines as stated in the documents. Three months are given to the members for shifting themselves to the alternate place.

·         Demolition of the Building:

The demolition will take place in phase depending upon the scheme of the re-development. MCGM issues a clearance certificate (CC) at the plinth level after verifying it and the developer starts to work.

·         Obtaining OC: 

After completing the construction work, an occupation certificate is enabled by the developer. It helps in allotting the occupation to new as well as existing members.

The Redevelopment Rules focus on the dispute settlement method as suggested by MahaRERA. The website of MahaRERA provides information on the project that is going on. It helps the buyers and property investors to get a clear picture.