Monthly Archives: September 2016

All you need to know about Redevelopement projects – Part II

We were discussing about redevelopment projects and how advantageous or disadvantageous they are. You can certainly go ahead and book a redeveloped project. You are required to consider these checks thoroughly before taking the plunge.

1. Consider a scenario where you are making up your mind to invest in a housing society who is in talks with a developer for redevelopment but there is no solid paperwork in place as of now. In such a stage, transaction is no different from buying a resale property. However, you must know in details the stage at which the discussion is with the developer and what are the considerable clauses they are wanting to put in the agreement.

2. Another scenario is buying a property that has already been scheduled for redevelopment but the building is not yet demolished. In such case, three parties get involved at once. The buyer, seller and the developer. The buying process and change of ownership should be done keeping the concerned developer in loop. You can take the possession at once and vacate the building later with other society members.

3. The third scenario is when you are buying a redevelopment project where the building has already been demolished and is yet to be newly constructed. That means the money has been transacted, the ownership is transferred but the property is not yet tangible. This is the most sensitive scenario. Here the buying process should be done with prior permission from both the developer and the society. The agreement should clearly mention the clause that the building is yet to be constructed and the agreement remains incomplete till new building is there in place.

4. The last point is ask for the intimation of disapproval (IOD) and a commencement certificate from the developer. Also check out if the property is mortgaged and clear with banks.

4 bhk for lease on Altamount road (Opp Mukesh Ambani’s Antilia)

Location: Altamount Road, Opp. Mukesh Ambani’s Antilia.

Area : 3,200 square feet simple built up area.

No of Rooms : Large hall with attached verandah, 4 large bedrooms all with attached bathrooms, 2 bedrooms have attached verandahs (total of 3 verandahs), Large Kitchen, Large separate Servants Quarters with attached bathroom/ toilet, separate area for laundry i.e. For the washing machine and for drying clothes and separate entrance and staircase for servants.

Interiors of flat : Entire flat is is done up and will be given in immaculate condition. Italian marble type flooring in flat except one bedroom and dining room. One bedroom has wooden flooring. Cream lustre paint in entire flat. Further interiors can be done as per the choice of the Licensee.

Air-conditioning : New split Diakin Invertor air-conditioners are provided in the hall and 4 bedrooms.

Parking : Ample open parking. All cars of Licensee and even cars of guests will be accommodated in the compound of the building. Garages are also available but only at additional cost.

Compensation : RS.4,00,000/- per month payable yearly in advance (negotiable). Any offer above RS.3,50,000/- per month will be considered. Garages will be strictly at additional cost. Can also give the flat fully furnished with additional compensation.

Security Deposit : 3 months compensation.            Photographs of the flat follows.

IMG-20160928-WA0028 IMG-20160928-WA0029 IMG-20160928-WA0034 IMG-20160928-WA0043 IMG-20160928-WA0044 IMG-20160928-WA0045

Hospital for lease in Nerul, Navi Mumbai

EXCLUSIVELY Available on Lease for HOSPITAL/ HEALTH RELATED ACTIVITIES.

 

·          Located at Nerul, Navi Mumbai.

·          Basement + Gr Floor + 6 Upper Floors.

·          928 Sq. Meter Plot.

·          18000 Sq.ft Carpet Area.

·          Passenger Lift & Stretcher Lift.

·          Minimum 17 Car Parking’s.

2015-09-22 17.03.46hos

 

Investor apartments in Satra park Borivli for sale

I have 20 flats for sale in Satra Park Borivli

2 bhk 1200 area and 3 bhk 1800 area

Site visit possible.

Oc received.

Satra Park is the state-of-the-art residential complex with artistically designed interiors and exteriors. It’s a place where every corner is beautifully designed to enjoy the luxuries of comfortable living.  It offers a perfect blend of serene environment and comfortable living that will become a status symbol address.

 

All you need to know about Redevelopement projects Part I

Hello and welcome back!! Do let us know if you are finding our blogs interesting and useful.

Today we will discuss about the redevelopment projects. Yes, due to gradually decreasing landscapes and inability of people to maintain big houses, redevelopment projects are coming into ways. Redevelopment is also done for the societies which are in dilapidated conditions but starve for the necessary fund for repairing. Let us begin right from what redevelopment projects are and why it is done.

What are Redevelopment Projects?

Redevelopment projects are those which are done by acquiring and reconstructing dilapidated buildings which are on the verge of collapse. The builders acquire the areas by offering incentives to the owners in form of well-constructed flats, amenities and money as well.

Redevelopment of an existing area and structure is legal only when at least 75 percent of the existing members are approved of it.

Advantage of Redevelopment

According to the experts, a structure of more than 25 years old gets merely 4 to 5 years extension of life upon repairing. Also many buildings of that age or more are dilapidated to a condition that they require huge amount of money for repair. In such a situation, redevelopment is advantageous. The builders acquire the land and build new and additional structures demolishing the older ones. The additional ones are sold with high profit margin that suffice the builders. The old members get new, well-constructed home with modern amenities. So in a way, redevelopment is a win-win deal for both owners and builders.

Disadvantage of Redevelopment

Overdoing anything can leads to the disadvantageous factor for that. Redevelopment is no different. Redeveloping societies and selling the extra bits became so profitable that builders started setting eyes high on it. It was reported that old colonial structures in posh areas of the city are often pulled down to build luxurious homes for the riches. This led to the inconvenience of the members who are often not approve of it but was forced to give consent by other means. Another problem is that by this practice, the old heritage structures get pulled down mercilessly in name of redevelopment.

In our next post, we will discuss, what the owners are require to consider in case they are thinking for the option of redevelopment.

Do you support redevelopment of heritage structures specially in the cities where living spaces are gradually becoming scarce. Do let us know in the comment box.