Last week, residents of Chembur’s Chitra Cooperative Housing Society held a unique celebration to mark the total repayment of a Rs 20 crore bank loan after completing the self-redevelopment of their property.
Chitra is one among several societies in Mumbai which did not reach out to private builders and instead opted to redevelop their buildings themselves by appointing consultants, architects and contractors.
This past Sunday, housing activist Chandrashekhar Prabhu, who spearheaded the self-redevelopment movement in Mumbai, gave away share certificates, which were earlier pledged to the bank; to members of the society.
Bacchu Kadu, MLA from Amravati, who had come specially to understand the processes of self-redevelopment, promised to raise the issue in the upcoming session of the state legislature. Prabhu said this society has several firsts to its credit. “Not only is it the first society to complete quality construction within a record time and return loans within six months of occupation of flats, but it is the only society to give the highest additional area to members.’’
Earlier, each of the 12 flat owners occupied flats of 450 sq ft carpet area and after redevelopment, each member got 1,150-sq-ft carpet area. The extra space they received fetches them monthly rents of Rs 40,000 to Rs 60,000. There are now 56 flats in the new tower as against 12 in the old building.
“No corners were cut, and despite top quality of materials and highest specifications, the completion was achieved within 24 months” said Krishnakant Kadam, the secretary of the society.
The ground-plus-two-storey building gave way to a brand new 19-storey tower designed by architect T Khareghat. “Most societies which opt for bank loans are under pressure to pay the EMIs on time. We cleared our loans in record time and set an example to all others” said Kadam. “Govt should implement its promises in the GR of 13/9/19 to take care of the approvals and make funds accessible to the societies,” said Prabhu.
“No builders in the area offered more than 525 sq ft and a corpus of Rs 2.5 lakh per family. Under self-redevelopment, we got more than double the area. Moreover, the planning and construction is superior to what builders give,” said Kadam.
Last April, residents of Purvarang Cooperative Housing Society in Mulund (East) celebrated the completion of their self-redeveloped 23-storey tower. “This is the first self-redevelopment project in Maharashtra where residents did not avail of any bank loan, external funds nor involved a developer to build the 23-storey tower,’’ said Milind Mahadik, chairman of the society.
Purvarang society members once occupied tiny 390-sq-ft flats. Recently, each family received a symbolic key to their new spacious 3BHK apartment (1,015 sq ft).
