Be the Master of your own Destiny with Self Redevelopment
Your building may have outlived its structural life and your housing society might have opted for redevelopment. However, there is an option other than simply appointing a builder for redeveloping your home, also known as self-redevelopment.
Most societies opt to engage the services of a builder or developer to demolish and reconstruct their building. On the other hand, there is a do-it-yourself option known as self-redevelopment that will enable you to reconstruct your old building with the help of a team of qualified professionals. Your society will need to hire a project management consultant, a competent architect that can design the new building, and an experienced contractor that can take care of the actual construction. In such a scenario, a trusted redevelopment advisor can help bridge the gap in finding competent professionals to construct the home of your dreams.
There are several advantages to self-redevelopment such as larger homes, more control over the process, broad decision making, and a handsome profit in the society’s kitty after selling all additional flats.
Some builders are also inclined to develop projects as development managers, working on a fixed fee rather than on a for profit format. They offer professional services while the society remains a promoter and takes home the profits of the project. Society Redevelopment advisors can help your society locate such competent builders, or even a team of different professionals, to handle the entire project. In addition, they can also help secure loans to your society for self-redevelopment projects.
However, there are several points of caution to consider:
- 100% unity amongst members : It is imperative for the society members to be united when such a big endeavour is undertaken. Societies where unity is even slightly compromised should avoid this option. Having chosen the path, society members must tread cautiously, keeping egos and internal differences aside.
- Mindset of Society Members : A builder being a businessman has the ability to take quick and effective decisions as and when situations demand. Whereas societies that are represented by members, and therefore answerable to members, find it difficult to take tough calls when the tide turns around.
- Financial and Technical understanding: Since society members lack technical and financial knowledge, it is best for them to select a good DM partner and thereafter have trust and faith in his decisions. The DM’s technical decisions should not be superseded by the society, though they have the power to do so.
Self Redevelopment is a great model and going ahead with a trusted Development Manager’s support makes the chances of success very high. If executed correctly, self-redevelopment does offer bigger rewards. You can certainly be the master of your own destiny, and avail higher profits that can be happily shared by all residents.