Self-Redevelopment FAQ’s
Depending on the project feasibility, the extra area will be offered to each member. Thus, additional areas offered may differ from project to project.
In self-redevelopment, the project gains profit which is distributed equally amongst all the society members.
Mumbai bank will sanction and disburse the loan on 1 FSI IOD/IOA.
The bank sanctions up to 95% loan of the project cost at 12.5% simple interest per Annum.
The project cost is the total cost required to complete the self-redevelopment project successfully. It shall include construction cost, professional fees, TDR purchase cost at MCGM/MHADA, TDR cost from open market, MCGM/MHADA Premiums payable for development as per the Development Control Regulations, Cost to get Building Approvals, Rent to Members, Shifting Charges to Members, Interest Cost, Cost of Site Management and other miscellaneous costs related to the project.
1% is the processing fees.
No. There are no prepayment charges.
No. Bank does not charge any commitment charges.
No. Bank does not charge any commitment charges.
Society will repay the loan from the sale of additional flats in the project.
There will be no mortgage on the flats of any existing members.
There will be no personal guarantee of any individual member.
Society managing committee will not be held responsible as they will have to work only as per the resolutions passed by the General Body.
Harsiddhi Realtors comprises of group of professionals. It provides Start to end services right from inception i.e., meeting society members and guiding on Self redevelopment up to Hand over of their redeveloped unit – which includes All the professional services from start to end required for the redevelopment project such as architect, engineers, approvals, legal, Chartered accountant, PMC for society management, liaison for funding and even sales & marketing.
Yes, Harsiddhi Realtors will take all their redevelopment work’s responsibility and the profits of the project shall remain with the society only.
It will be covered in the project costs. Bank will transfer rent to their respective account opened in Mumbai Bank
It will be covered in the project costs. Bank will transfer the rent to their respective account opened in Mumbai Bank
Architects with its team will design the plans of Proposed – Harsiddhi Realtors had tied up with panel of architects for same.
In House Chartered Accountant & its team will manage account writing and taxation , Maha rera and several other statutory compliances.
Harsiddhi Realtors has an in-house Panel of advocates to guide in all aspects from conveyance to co-operative matters to all legal documents related to redevelopment.
Harsiddhi Realtors has an in-house Panel of advocates to guide in all aspects from conveyance to co-operative matters to all legal documents related to redevelopment.
Delays happen due to financial or approval problems, as in self-redevelopment all approvals will be in place before vacating flats and the loan is approved by the bank, there will be no cause for delays.
Harsiddhi Realtors Team will personally monitor site and ensure quality work from the contractors. Our main motto is quality which will never be at stake anytime.
The project will have full construction insurance.
The loan period will be 7 years for a loan up to 50 crores and 10 years for a loan of more than 50 crores.
The moratorium period is of 2 years for a loan up to 50Crores and 3 years for Loan more than 50Crores.
The society with the help of the sales & marketing team of Harsiddhi Realtors will make the sale of flats. Harsiddhi Realtors USP is sales which will work well and society will save huge component of Finance cost.
Firstly, this situation may not arise when you are going with Harsiddhi Realtors and Secondly, in case if this scenario arises which hypothetically can only be possible the Bank will take over the new inventory. (Members Inventories are safe and cannot be attached at any cost)
This will depend on the type of project (General Time Span is between 24 to 36 Months).
Payments will be released as per requirement of the project and approval from the MMDC Bank, nodal agency and PMC.
Existing members can purchase extra area at project cost and nominal profit.
This can be decided as per the general body.
That’s the reason Harsiddhi Realtors is here. We will be a one-point contact. If society appoints agency with all professionals under one roof then the responsibility of the work is only on one company.
There is no development agreement as society members are the owner and no transfer of rights takes places hence, stamp duty is not required to be paid.
Yes, as the society is a part of design decisions, they can take upper floors and keep sale area on lower floors.
Yes, the project cost will be considered for the remaining part of the project and accordingly, the loan will be sanctioned to complete the whole project. The existing development agreement should be terminated with no litigation and society should pass a resolution for self-redevelopment with 100% consent.
This will decrease the expenditure thereby reducing the loan cost and increasing profit for the society members.
As per the current scenario, reducing the premium cost is the most important factor of redevelopment, which Mumbai based architect who has worked for developers can understand better the needs of the common man than the international fame architect’s firm. Secondly, their fees will not be feasible for smaller redevelopment projects.
As society is doing Self-Redevelopment, they have to think like a developer now. International brand PMC, whose balance sheet may be huge due to international turnover but for common man, the question will be that, do they have experience in redevelopment and have they worked in a smaller size redevelopment project in Mumbai.