Processes & Procedures

Moto, Initiative, Efforts of Bank Behind Self Redevelopment

  • Housing Societies prior to era of builders are formed, developed & erected by members by purchasing plots, appointing contractors & experts & arranging finance
  • Mumbai Bank, being Apex & parent bank for co-operatives in Mumbai, has introduced a Self Redevelopment Policy in 2011 & revised in Aug 2017 with a view to give maximum benefits of redevelopment to members of co operative housing society
  • The policy is to create a social impact in the city coupled with growth of business of Mumbai Bank
  • Bank is taking special efforts by appealing Government/MHADA to introduce One Window concept for obtaining various permissions/NOC’s under one roof
  • Bank is taking special efforts to introduce / insert special sections for self redevelopment in RERA act
  • This presentation is to discuss the ideology of the product
  • MHADA societies will get NOC for IOD from MHADA before paying premium on the basis of Comfort Letter from the bank
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Self Redevelopment

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Redevelopment
  • Demolition of old structure and construction of new structure with better facilities, dimensions and amenities
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Self Redevelopment
  • Redevelopment from resources of existing members with the support of financing agencies and professionals
  • Redevelopment with better accountability and transparency
  • Redevelopment without interference of any developer

Advantages of Self-Redevelopment

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  • Profits from the project shared among the existing members of the society
  • More profits means extra corpus to be shared in the society
  • Extra corpus means less burden of maintenance cost on existing members
  • Existing members shall have more say in planning and shall be benefitted with more areas in certain cases
  • Customization leads to better planning & utilization of space & dimensions
  • Risk pertaining to Developer dependability is eliminated
  • Existing members can get professional help in much organized way which helps completion of project in time and saves cost too

Self Development

  • Risk of Developer not performing gets eliminated
  • Profits of the project are shared within existing members
  • More corpus to existing members with professional help
  • Planning and Design as per existing members
  • Better customization in design and space
  • Transparency with the help of professional help can lead to timely completion of project

v/s Redevelopment

  • Possession is solely dependent of Developers performance
  • Profits of the project are retained by Developer
  • Limited corpus to be distributed by developer to existing members
  • Planning and design as per Developers view
  • Customization is limited and only as per developers preference
  • Less transparency, that leads to delay in completion of project and more hardships to members

Why Mumbai Bank?

  • Apex financial entity in co-op credit structure
  • Inherent capability of the Management towards resolving procedural delays
  • Wide network of branches throughout Mumbai to reach out to interested prospects
  • First bank to offer specially designed solutions for self redevelopment projects
  • Providing proper framework, infrastructure & support system for societies to carry out the project with minimal hassles