I'm land lord and my property is in Mumbai. It is ground +3 floor building. I want to go for redevelopment. Please guide me.

The building redevelopment process refers to the process of reconstruction of a residential premise by demolishing the existing building and constructing a new one as per MCGM’s (Municipal Corporation of Greater Mumbai) approval.

1. Calling an SGM (Special General Body Meeting)

You should organize a special meeting of the members to discuss the redevelopment project. The bye-laws state that 75% of all members need to agree with the redevelopment project before you officially undertake it. (Smaller and older buildings require approval of 51% of members).

1. Obtaining quotations from Project Management Consultants/Architects

Invite bids from a minimum of five PMC/architects and evaluate their quotes choosing the final one.

1. Submitting the Building Redevelopment Project Proposal

You are required to submit a proposal for the concerned project after finalizing scope of work for the project and other terms and conditions with the PMC/architect.

1. Asking for the Project Report

The PMC/architect gives you the Project Feasibility Report within 2 months of their appointment. The report considers several factors including Transfer of Development Rights (TDR) and Floor Space Index (FSI) with respect to a total residential area and more.

1. Inviting Tenders from developers

The PMC/Architect makes a Tender document to get competitive bids from developers. One major requirement is chosen that can’t be changed. This could be a corpus fund or carpet area.

1. Choosing a developer

The PMC/Architect prepares a comparative report of the tenders keeping several factors in mind including successful projects of each developer, market reputation, financial expenses, technical soundness, and shortlist a minimum of 5. After that, you will choose any one of them and the project can begin after making an agreement with the chosen developer.

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