Redevelopment is a game-changer for old housing societies in Pune. With limited space and old infrastructure, redevelopment not only gives a new face but the chance to elevate lifestyles, enhance security, and add value to homes. But before your society makes the transition, having a clear legal and financial checklist isn’t only prudent… It’s mandatory.
Whether you are a managing committee member or a society member, knowing what to prepare, what to check for a builder, and what legal safeguards to take can make or break your redevelopment journey.
Let us deconstruct the Checklist for Housing Society Redevelopment in Pune, legally and financially.
1. Society Readiness: Begin with Internal Clarity
Before any legal process starts, society needs to be on the same page in vision. Redevelopment should not only be a builders’ proposal… Rather, it should be residents’ need-based and aspiration. Hold a general body meeting (GBM), take minutes of the same, and pass a resolution authorising the decision for redevelopment. Normally, a 51% consensus of society members is required according to Maharashtra Cooperative Society Act standards, though 70% is generally considered advisable.
Checklist
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General Body Resolution
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Member Consent Forms (signed, unit numbers, etc.)
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Updated list of society members
2. Legal Documentation: Lay the Right Foundation
Strong legal documentation is the foundation of every successful redevelopment. Pune’s real estate scenario has changed with RERA regulations, and transparency is no longer a choice.
Must-have Legal Documents
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Society Registration Certificate
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Title Documents of Land (Original Sale Deed, Conveyance Deed, Property Card)
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Development Agreement with Builder
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Power of Attorney (POA)
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Approved Plans & Commencement Certificate
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Occupation Certificate (Post Completion)
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Resolution Copies with Notarization
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RERA Registration of the Redevelopment Project
You should also make sure that the builder acquires a No Objection Certificate (NOC) from concerned authorities, such as the fire department, environment authorities (where necessary), and municipal corporations.
3. Financial Audit: Check Your Society’s Current Status
Before leaping into any deal, carry out a professional financial audit of the finances of the society. This encompasses maintenance funds, pending member dues, and liabilities. A clear financial record enhances your negotiating capacity with builders.
Checklist
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Financial statements of past 3 years
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Auditor’s report
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Breakup of the sinking and repair funds of the society
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Member-wise outstanding dues
4. Builder Selection: Go Beyond the Gloss
Selecting the correct redevelopment partner is paramount. Seek Pune redevelopment builders who have a successful track record, RERA-approved projects, and a healthy balance sheet.
Don’t be afraid to ask hard questions…
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How many redevelopment projects have they successfully completed?
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What is their financial strength?
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Will they offer temporary accommodation or rent during construction?
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What amenities and carpet area will members get after redevelopment?
Pro Tip: An honest and transparent developer, such as SK Fortune Group, will be upfront in providing documents, timelines, and project designs, providing your society with confidence and peace of mind.
5. Financial Agreement & Compensation Clarity
The Development Agreement should clearly mention all financial terms. These are:
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Corpus amount per member (if any)
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Rent or cost of alternative accommodation
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Shifting and relocation fees
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Escalation clause (in case of delay in the project)
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Payment schedules
Your society must also hire a legal advisor and architect to review the agreement and oversee progress.
6. RERA and Regulatory Compliance
Pune redevelopment projects need to be registered with MahaRERA. Verify that the chosen builder has completed this step and that the society’s project is registered with a unique RERA number. This adds legal transparency and offers protection to the homeowners under the RERA Act.
Quick Legal Checklist
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Member Approval: Obtain a majority vote for redevelopment in a Special General Body Meeting.
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Development Agreement: Prepare and sign a detailed agreement with the builder, project timelines, compensation to members, and builder requirements.
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Legal Guidance: Hire legal and project management consultants to steer the process.
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Tender Documents: Finalize and prepare tender documents, feasibility reports.
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Permits and Approvals: Get required permits and approvals from the concerned authorities.
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Power of Attorney: Complete and obtain a Power of Attorney from society to builder.
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Registration: Register Power of Attorney and Development Agreement.
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Section 79A: Comply with Section 79A of Maharashtra Cooperative Societies Act, which safeguards rights of society members.
Quick Financial Checklist
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Feasibility Study: Demand a proper feasibility study to evaluate the cost of the project, the benefits, and possible risks.
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Funding: Raise funds for the project through contributions from developers, society funds, or taking loans.
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Security Deposit: Make the builder deposit a security deposit in the name of the society.
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Financial Transparency: Keep clear financial accounts and see that all transactions are reported.
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Compensation: Decide and settle reasonable compensation to society members, such as construction period rent and corpus.
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Budgeting: Prepare a detailed project budget, such as construction expense, material expense, and administrative cost.
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Payment Schedule: Make a payment schedule with the builder and pay in time.
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Record Keeping: Keep proper records of all financial dealings, such as receipts, bills, and bank statements.
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Auditing: Consider engaging an auditor to review the project’s finances.
Final Thoughts: Why This Checklist Matters
Society redevelopment is a one-time opportunity… Get it right, and you’ll transform your community for generations to come. At SK Fortune Group, we’ve helped numerous Pune societies navigate this transition smoothly with end-to-end support, be it documentation, design, execution, or post-completion services.
Remember, the strength of your redevelopment lies in your preparation. The more organised and informed your society is, the better your outcome will be…
Let’s build your society’s future, today.
If your society is planning redevelopment in Pune and you’re looking for the best redevelopment builder in Pune, connect with SK Fortune Group for a consultation that’s transparent, expert-led, and designed for you.
