Once the members of a housing society have understood the benefits of self redevelopment over builder-led redevelopment, they always have an inclination for self redevelopment. However, every housing society which wants to get self redeveloped needs to ensure that following conditions are met before they initiate the procedure of self redevelopment.
To begin with, the ownership of the land on which the housing society is built should be with the society itself. Either the conveyance deed or the land purchase agreement should be in the name of the society. If the housing society is not the owner of the plot but it is owned by some other entity like Collector, MHADA or any other authority then a NOC will be needed from the Authority to start the self redevelopment process.
For availing the finance from Mumbai Bank, the society needs to be registered as a Cooperative Housing Society under the Maharashtra Cooperative Societies Act, 1960.
The housing society needs to be a member of the Mumbai District Central Co-operative Bank Ltd (MDCC Bank) to avail funding under the Self Redevelopment Scheme, 2018 for their self redevelopment project. For a housing society which is not a member of this bank, they can purchase shares of the bank and open an account to avail membership.
Any pending dues to the Government need to be cleared off, before the housing society can approach the MDCC Bank for a self redevelopment loan. Along with government dues, all members also need to pay any pending society maintenance with arrears.
An Architect / Project Management Consultant needs to be appointed for checking the feasibiity of the self redevelopment project.
Other professionals are also required to be appointed for self redevelopment process like legal advisors, chartered accountants and contractors at different stages of the project to provide their expertise to the project as per the requirements of self redevelopment procedure.