2/12/2024 0 Comments The flat earth society has members![]() ![]() However, societies which opted for self-redevelopment even prior to the 2019 GR are also reaping the benefits as these buildings are now complete, some occupied, some ready for occupation. Nothing positive happened on that front for three years,’’ they claimed. “The earlier government resolution dated September 13, 2019, which offered several benefits for self-redevelopment including increased FSI, 4% subsidy in interest on loans, a single window for approvals, 50% discount in premiums, was only partially implemented by MHADA. The state government’s recent decision to reduce stamp duties for societies going for self-redevelopment to a nominal Rs 1,000 has once again renewed interest of cooperative housing societies to redevelop properties on their own, said property industry sources. The society also appointed global property consultants, Cushman & Wakefield as the project management consultant (PMC). “One handled accounts, another marketing, a third team for registration of documents, a fourth team for liaising with government agencies like Mhada and a legal committee,” he said. The members formed different committees to execute the project. “We are looking at total sales of Rs 85 crore,’’ said Milind Mahadik, chairman of the society. The society has already sold 50 of the 65 extra apartments built in the free sale component and collected Rs 60 crore so far. Now, in the new tower, each of the 56 families will be entitled to a spacious 960 sq ft apartment with all modern amenities. Purvarang Society was a seven-storey Mhada construction for middle-income families. ![]() ![]() It was unanimously decided that we would go for self-redevelopment,’’ said Varun Gadade, a society member, who gave this correspondent a tour of the new tower. We did not want to be left stranded if a builder suddenly stopped paying rent for alternate accommodation. “When we first started discussing redevelopment of our society in 2017, the incomplete projects nearby were a huge concern. The 56 residents of Mulund’s Purvarang Society were aware of this problem having seen a few projects in their own neighbourhood stuck for years. ![]()
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