Bank will take over the new inventory.
Depending on the project feasibility, extra area will be offered to each member.
This will be depend on the type of project, eg. Number of floors, size of project, its stages etc. However after vacating the flats time required to occupy new building will be only time required for actual construction, as finances to be made available for whole project are preapproved by the bank.
In self-redevelopment, project gains profit which is distributed equally amongst all the society members.
Payments will be released upon raising of the bills of works done by various stake holders at various stages, after verification by PMC, Stake Holder Manager (Progov), and Mumbai bank authorities.
Rent and shifting charges will be part of project cost, which will be paid to members during their shifting.
Existing members can purchase extra area at project cost.
We do have associations with various chartered accounting firms, who can render required services or the society can hire according to their preference.
Each member can buy extra area at project cost in proportion to their present allotment. In addition to that regular project market rate will apply.
The Project funding will cover all the costs including initial approval costs, various financial agencies will need to be structured for their entry and exit during whole project life cycle.
The society will get the necessary help from Progov to identify and appoint qualified professional agencies as consultants.
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.
Yes, provided they meet standard qualification criteria to render project services.
The society hires professionals with the help of progov which will ensures quality work and in case work is not up to the standards their contracts can be terminated.
Yes, if he meets the standard qualification requirements for the project.
The project will have full construction insurance.
In self-redevelopment project, society being Owner of land, does not transfer any development rights in whole project. All stake holders are service providers only , which are appointed by The Society, so there is no development agreement, and no stamp duty to be paid.
For projects upto INR 50cr, loan tenure is 7 years , and projects above INR 50cr Loan tenure is 10years, as per prevailing policy of Mumbai District Co-op bank.
Yes, in self-redevelopment project as society members have first choice on area and location of flats, flexibility of floors is possible.
A legal authorization to debtors to postpone payment. As per current Mumbai Bank's Self-Redevelopment policy, Moratorium period is of 2 yrs for loan upto 50Cr and 3 yrs for Loan more than 50Cr, Interest will be calculated during the moratorium period, however first instalment of repayment as well as interest will be done upon completion of moratorium period.
Yes, the project cost will be considered for the remaining part of the project and accordingly loan will be sanctioned to complete the whole project. The existing development agreement should be terminated and society should pass resolution for selfredevelopment with 100% consent.
The primary responsibility of sale of inventory lies with the Society, which gives an opportunity to existing members to avail the extra area at project cost. However remaining area can be sold through professional agencies/ brokers/underwriters etc.
This is the ideal case of self-redevelopment where existing members sell the extra area either within members or to near and dear ones before project completion, where cost of project can be covered by sell itself. This reduces the loan amount and interest, which reduces the project cost, benefiting the members to maximum.