The first steps of starting the self redevelopment procedure is to get a Structural Report of the building(s) in the society and a Feasibility Report for the project.
A Structural Survey or Full Structural Survey Report is a detailed and comprehensive look at the condition of a property and is the first and the foremost step before going in for self-redevelopment. The structural audit report will determine whether the building should go in for redevelopment or for major repairs.
A Structural Report is prepared by a registered Architect and/ or Structural Engineer. Architect and/ or Structural Engineer has to conduct a survey of the entire building and check the structural stability of the building. The Architect and/ or Structural Engineer will find out the Technical and Financial details, including comparison of repairs and reconstruction and provide a Structural Stability Certificate based on the analysis in line with the regulations. This Structural Report is to be circulated to all members of the society. In the absence of the technical report it is not permissible to pass a resolution in the general body meeting.
For old buildings which have completed 30 years to undergo self redevelopment process, they have to be certified as ‘beyond repairs’ by a Govt. approved architect on the basis of this ‘Structural Audit’.
A feasibility report is prepared by an Architect or a Project Management Consultant appointed by the Society. This report is made by studying existing building plans, consumed FSI, carpet area of existing members, available TDR/ additional FSI benefits on the plot, the current regulations and the impact on the plot potential, the sale rate prevailing in the locality and the various costs to get the entire project executed. This report is submitted to the society stating the possible benefits the members can expect from the self redevelopment project.
The entire report is bifurcated into following sub heads :
- Technical Report – Gives the Development Potential of the Plot based on the existing norms of the DCR
- Financial feasibility of the proposal – Gives a detailed break-up of various costs involved in the Project along with the cost for raising the necessary finance and then the total inventory to be sold to get the project breakeven.
- Benefits of proposal – The possibilities of extra area and surplus for members is worked out based on the breakeven analysis of the project.