Self-redevelopment can be extremely rewarding for housing societies in Mumbai — but the gains are not just financial. Here’s how society members benefit:
🌟 1. Retention of Ownership
Unlike builder-led redevelopment where ownership may shift, in self-redevelopment:
✔ Members retain ownership of new flats
✔ No profit transfer to an external builder
🌟 2. Better Living Conditions
Redevelopment means:
- Stronger structures
- Modern design
- Better ventilation
- More functional layouts
This significantly improves quality of living.
🌟 3. Financial Gains
Members often receive:
✔ Larger carpet areas
✔ Additional usable space (balconies, parking)
✔ Value appreciation due to modernization
🌟 4. Control & Transparency
With a resident-led committee:
✔ Decisions are transparent
✔ Accounts are audited
✔ Members stay informed at every stage
🌟 5. Government Incentives
Mumbai & Maharashtra policies sometimes allow:
✔ Additional FSI or redevelopment incentives
✔ Concessions in development charges
✔ Priority approvals
These help reduce costs and improve project viability.
💡 6. Community Empowerment
Self-redevelopment strengthens the society bond — members work together, participate in decisions, and benefit collectively.