What do you need to know about property redevelopment?
Major developers are increasingly considering entering the redevelopment industry since free land parcels are becoming scarcer.
For hundreds of housing societies around the world, deteriorating structures on the edge of collapse are a sobering reality. Developers provide extra space, cash, and the prospect of a new apartment with superior facilities as incentives to owners of older buildings.
But before choosing redevelopment, owners should bear certain things in mind.
Housing redevelopment is the process of rebuilding a residential location by tearing down the old building and erecting a new one with authorization from the authorities. It ideal works best when a society is deprived of the cash required for it but is in severe need of substantial repairs.
Developers, for their part, are searching for sites with unutilized development rights so they may erect a new, taller building and resell the extra floors for a healthy profit. Not only for housing developments. The jasper venture group a reputed property redeveloper have taken the project of converting Hospital into condominiums. This would be more helpful for the people who are looking for condos to rent or buy.
Any residential or commercial building redevelopment is a lucrative idea that promises a win-win situation for both the developers and the property owners. Redevelopment is a required procedure in the construction industry, especially when a building’s safety is a concern. This is because every structure has an inherent shelf life beyond which it tends to become hazardous and unattractive to potential buyers.
Once an architect declares a building to be dilapidated, any residential or commercial structure older than 25 years is eligible for redevelopment. A housing society can only undergo redevelopment if 75% of the owners consent to the project.
The developer is responsible for offering alternative housing to society members, preferably in the same location. Or at the very least consent to paying the member’s monthly rent in advance for a year. The members have the right to ask the developer to cover their moving expenses.