Exploring the Types of Redevelopment

Exploring the Types of Redevelopment

If your old and dilapidated residential building requires costly repairs with ever-increasing frequency then it may be time to opt for redevelopment. Once your housing society decides on redeveloping the sagging structure then, the next step is to explore the different ways to redevelop your old home.

There are three major types of redevelopment options that you should explore to find the best fit for you.

1. Developer Led Redevelopment

This is the most commonly known type of redevelopment. Under this method, the managing committee of the society will employ a reputed builder, who then takes over the redevelopment process. When opting for traditional developer-led redevelopment, the contracted developer  handles all the steps necessary in the reconstruction of the building. This method does not offer the residents a lot of flexibility in terms of the planning or hiring process. Additionally, the benefits from any added FSI that the building gets will be availed by the developer and only a small amount passes on to the residents in the form of bigger houses. 

2. Self-Redevelopment

Under the self – redevelopment model, the society committee undertakes the task of redevelopment itself by hiring an architect and a contractor. This method is newer but allows the residents a lot more control over who is hired to work on the project and how it is planned. Any benefits from added FSI also pass on directly to the residents who can choose how to use it themselves. This may lead to more space for residents themselves, or additional flats that can be sold to divide the profit amongst members. However, this process can be a little daunting for managing committees with no experience. And only those societies that have 100% trust, faith and co-ordination amongst members can even dream to attempt it.

3. Development Manager Led Redevelopment

This method is hybrid model that combines the salient features of developer-led and self- redevelopment to make the process easier for residents. Under this type, an experienced builder/developer is brought in to help guide and manage the self-redevelopment process. This process may not lead to as much profit for the members as self –redevelopment but it helps reduce a great deal of stress from the managing committee while still giving higher profits compared to the traditional developer led model.

A lot of factors need to be considered before choosing which type of redevelopment is the best for your society. Your managing committee should look into all three options earnestly to find out which method is most beneficial for the residents.