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Redevelopment of
Cooperative Housing Society

Plumbing: All the plumbing pipes, fixtures and fittings should be strictly as per IS Norms. CP plumbing fixtures (ESS ESS or JAGUAR) should be be provided in all toilets with matching sanitary ware of reputed company. Plumbing points should comprise of wall mixtures, showers, taps, washing machines and aqua guard.

Flooring and Tiling: Marble or granite or granite flooring should be provided with matching skirting of 3”. Toilets should have full dado height of coloured glaze tiles of reputed company of Indian or imported make with designer borders and motifs.

Kitchen: Granite kitchen platform comprising of cooking and serving platforms may be provided with moulded facia patti and vertical sides. Stainless steel sink has to be provided.

Colour: The entire flat should be painted with Synthetic enamel paint including doors and ceilings. The external walls of the buildings must be painted with good quality cement paint.

Lift: Lift of OTIS/Johnson make may be provided with all the safety features.

Terrace: The terrace should be finished with china chips and high parapet wall with corner lights and water points.

Compound wall and gates: New compound wall should be constructed with proper design and sufficient electric points.

THE RIGHT 'RE-Developer'?

While selecting a Developer, both financial and quality aspects need to be considered. Most Societies focus on only quantitative financial terms, which include:

> The carpet area offered to each Society member

> The corpus amount offered

> The FSI consumed

> Alternative accommodation

> Shifting charges

> Penalties

> Specification

What gets ignored with such a blinkered focus are the qualitative aspects of the Developer, which would include past experience and track record. Extensive research needs to be done on the Developer's construction, marketing and legal track record. Some of the questions that need to be asked are:

> Brand of the Developer?

> Can the rest of the Redevelopment scheme be on par with the quality and brand of the Developer's portion?

> Is the Developer known for violations, or does he have a clear track record on aspects such as title?

> What are the systems, structure and strategy of the Developer?

> Does he have strong in-house construction and marketing teams?

> Record of cost and time overruns?

> Level of implementation expertise?

> How well-connected is he, and how adept at obtaining the necessary approvals on time?

> Is he knowledgeable about and comfortable with the local environment? He may have to handle unforseen hurdles that are always potentially a part of Redevelopment projects.

> What are the Developer's abilities in terms of raising equity and debt funding?

> Does he use a transparent and consistent financial accounting policy? What is his current fund availability and funding pattern?

The Society should do a reference check of at least two or three others Societies where the Developer has constructed and delivered projects. It is essential to establish whether he adheres to promises on quality and timelines made in the agreement, whether he treats the development agreement like a contract rather than a piece of paper and if he provides sound structures with good infrastructure and finishes. A Developer with good credentials would not only command a premium over competition in pricing but also have easy access to low-cost capital.