Why Re-development?

The old society buildings were built over a period on 3-4 decades & are in very bad shape. Infrastructure facilities for electricity, water & sewage are overloaded & needs immediate replacement. Societies need huge funds to undertake major repairs. The structure of old buildings have outlived its life & needs to be pulled and developed afresh as further repairs to the existing structure won't be advisable & feasible. Redeveloped buildings have negligible maintenance and repair cost at least for 15-20 years. Redeveloped buildings have better magnitude lifts of reputed brands which entails low maintenance cost to the society. The old buildings are constructed according to old construction norms and hence cannot withstand with new climatic and geographical conditions. New buildings constructed according to latest building standards & amenities shall enable the members to have a pleasurable living experience. Depending upon development rules & regulations, the members are also entitled to additional floor space or compensation in monetary terms. Capital appreciation in the sale value of members' flat is the biggest advantage in case of redeveloped projects. At times, it has been found that the capital appreciation is approximately three times of the existing value of flats & the members gain immensely from redevelopment. Thus, redevelopment helps in unlocking the potential value of the members' flat which otherwise wouldn't have been possible. Redeveloped building brings monetary benefits to the existing members of the society by way of payment towards corpus fund which in turn help them to better their lifestyle. Living in well developed buildings also adds to your social status & is often the envy of your friends and relatives.