What is redevelopment?
Redevelopment is any new construction on a particular site that has pre-existing uses. It is an act of constructing new building/s and demolishing existing old society building/s by appointing a good developer (builder) who can construct and handover new flats to the society members free of cost with some additional benefits and make profit by utilizing balance plot potential and constructing additional flats & shops as per approval from M.C.G.M OR respective local bodies.
Restoring old building/s by major repair is one option to the society, but these days they prefer & choose redevelopment as the best option for the simple reason that, redevelopment gives altogether a new look and feel with no major repairs needed for a long period of time whereas temporary repairs only increase the life of the building for 5 to 6 years with a probability of repair problems re-occurring.
Whereas, a new Building is constructed with improved quality of construction, better amenities and a good elevation and therefore can survive new climatic and geographic conditions.
In redevelopment, the existing members get benefits in terms of money as well as additional usable floor area whereas this is not possible in the option of old building repairs.