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Redevelopment is the process of demolishing existing old society building and reconstructing it by appointing a good developer who can construct and handover new flats to the society members free of cost with some additional benefits and make profit by utilizing balance plot potential by constructing additional flats and shops as per approval from M.C.G.M.
2) ADVANTAGES OF REDEVELOPMENT OVER REPAIRS
Today the societies are opting to go for redevelopment than repair for the following reasons :
| Repairs | Redevelopment | ||
| a) | The repair work can increase life of the building by 3 to 4 years and the problems can reoccur after few years. | Redevelopment gives a new building for which no major repairs required for longer period. | |
| b) | The old buildings are designed with old construction norms and hence cannot withstand with new climatic and geographic conditions. | New building is constructed with new construction norms and hence can withstand with new climatic and geographic conditions. | |
| c) | For repairs members have to spend money. | In redevelopment, members get Benefits in terms of money as well as additional area. | |
| d) | In old building the steel inside concrete beams and column starts corroding after 15-20 years which cannot be treated in repairs. | As the building is new this issue does not arise. |
Thus in redevelopment, the members get new fresh building + additional area + monitory benefits without spending any money from their own pockets.
