The bank sanctions up to 95% loan of the project cost at 12.5% simple interest per Annum.
The project cost is the total cost required to complete the self-redevelopment project successfully. It shall include construction cost, professional fees, TDR purchase cost at MCGM/MHADA, TDR cost from open market, MCGM/MHADA Premiums payable for development
as per the Development Control Regulations, Cost to get Building Approvals, Rent to Members, Shifting Charges to Members, Interest Cost, Cost of Site Management and other miscellaneous costs related to the project.
Our in-house team of site engineers & Architects will ensure quality work from the contractors and in casework is not up to the standards their contracts can be terminated.
Depending on the project feasibility, the extra area will be offered to each member. Thus additional areas offered may differ from project to project.
Society will have to keep one point contact. If society appoints agency with all professionals under one roof then the responsibility of the work is only on one company.
Firstly, this will not happen as a society will have fewer flats to sell. Secondly, we have a sales and marketing team that will get the research of the market about the demand and supply in neighborhood areas. In the worst scenario, the Bank will take
over the new inventory.
Society managing committee will not be held responsible as they will have to work only as per the resolutions passed by the General Body.
There is no development agreement as society members are the owner and no transfer of rights takes places hence, stamp duty is not required to be paid.
Delays happen due to financial or approval problems, as in self-redevelopment all approvals will be in place before vacating flats and the loan is approved by the bank, there will be no cause for delays.
In self-redevelopment, the project gains profit which is distributed equally amongst all the society members.
Yes, as the society is a part of design decisions, they can take upper floors and keep sale area on lower floors.
This will depend on the type of project.
Society will repay the loan from the sale of additional flats in the project.
The society with the help of the sales & marketing team will make the sale of flats. We have an in-house sales team.
Existing members can purchase extra area at project cost and nominal profit.
It will be covered in the project costs. Bank will transfer rent to their respective account opened in Mumbai Bank
This can be decided as per the general body.
The moratorium period is of 2 yrs for a loan up to 50Cr and 3 yrs for Loan more than 50Cr.
Mumbai bank will sanction and disburse the loan on 1 FSI IOD/IOA.
We have a team of designing architects headed by our director, Uday Kanadia who is a gold medalist and designed more than 40 redevelopment projects.
There will be no mortgage on the flats of any existing members.
The loan period will be 7 years for a loan up to 50 crs and 10 years for a loan of more than 50 crs.
Our in-house Chartered Accountant & its team will manage account writing and taxation.
We have an in-house team of advocates to guide in all aspects from conveyance to co-operative matters to all legal documents related to redevelopment.
Our team is a group of professionals. It undertakes a turnkey project and provides professional services from start to end required for the redevelopment project such as architect, engineers, approvals, legal, Chartered accountant, PMC for society management,
liaison for funding and even sales & marketing.
Payments will be released as per requirement of the project and approval from the MMDC Bank, nodal agency and PMC.
The society will get the necessary help from Ssavai team to identify and appoint a qualified contractor.
The project will have full construction insurance.
There will be no personal guarantee of any individual member.