About Us

SMGK Group was conceived in the year 2000 by our Founder Chairman and Group President – Mr. Mohammed Ali Momin.

The Group has its strong foundations in the rich and varied experience of Mr. Momin since 1970. The growing reputation of our business house has been built over four decades o f tru st across all our stakeholders.

Contact Us

+91 22 2679 4006
info@smgkgroup.com

SMGK House, Hill Park Complex, Jogeshwari (W), Mumbai 400102.
MH. INDIA.

 

Self Redevelopment Management Services

End-to-end single window solution for Self Redevelopment - The T.E.A.M way.

In space-crunched, land-starved metro cities like Mumbai, redevelopment is a fact of life. The traditional way of redevelopment in urban cities involves getting developers on board to redevelop dilapidated residential projects. However, lately many housing societies in Mumbai are now opting for self-redevelopment.

SMGK Group introduces T.E.A.M, a new self-redevelopment advisory service offering to empower old housing societies to take up the ownership and control over the redevelopment of their own buildings without the need to involve any developer.

Studying the changing needs of the redevelopment industry and realizing that there is a huge gap due to the lack of any credible solutions provider in the self-redevelopment space, we have introduced T.E.A.M.

T.E.A.M, Explained

What does T.E.A.M stand for

T - Title Holders I E – Engineers I A – Architects I M - Managers

T - Title Holders are persons having shares in the property in proportion to the areas owned by them.

E - Engineers are the qualified professionals such as RCC Consultants, skilled contractors and other competent agencies necessary for the execution of a redevelopment project.

A - Architects are professionals who are responsible for preparing the detailed concept of the project and obtaining requisite approvals/NOCs from concerned departments for its successful completion.

M - Managers are people who are responsible for managing the project and organizing finance required for the timely completion of the project.

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The T.E.A.M playbook on Self Redevelopment

ADVANTAGES of Self Redevelopment

Why is self redevelopment better than traditional redevelopment?

To encourage self-redevelopment and to help housing societies to carry it out in a more effective manner, the state Government is coming up with various incentives and benefits. These include extra floor space index (FSI), single-window approvals; discounts on loans and so on.

The time is just right to opt for self-redevelopment in Mumbai. Here are some benefits of the same:

i) The society reserves full control over the redevelopment project including designs, plans, development standards, timelines etc. Which isn’t possible when one opts for traditional redevelopment.

ii) Society can keep the full profits from the saleable area and it doesn’t go to the developers as in the case of conventional redevelopment.

iii) Society members get an extra carpet area of up to 35-45%, compared to 25-35% if the project is done by a developer.

iv) Throughout the entire redevelopment process, all the property rights remain with the society.

v) Bank finance and interest subsidy are available for construction loan taken under self-redevelopment scheme

vi) Stamp duty concession and rebate on TDR are available for self-redevelopment projects.

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The benefits of working with T.E.A.M

i) The Title Holders take an active part in the planning, approvals, execution and completion of the project and even in marketing and selling the Sale Areas available with them at desired prices and stages of the project thereby becoming important stakeholders of the project at every level. They also enjoy the benefits of profits, as desired and at the same time get the assurance of the minimum benefit to be derived from the project.

ii) Chances of project failure are negligible due to the Title Holders’ active involvement at every stage/level avoiding unwarranted litigations due to trust deficit with the Builder/Developer.

iii) T.E.A.M ensures transparency at all levels/stages of the project. At the same time, the Title Holders retain their ownership and have an option to pick and choose the benefits in lieu of the sale areas they own.

iv) Funds for TDR, fungible etc., are ensured through the mutually agreed sale of Sale Areas.

v) In the process, the Title Holders stand to gain from market conditions as well as the other Team members also are involved in the Sale Area benefits.

vi) Investment is lesser and hence finance cost is saved which is actually shared among the T.E.A.M. Also, the Stamp Duty and Taxation is largely saved.

vii) Due to dissection of the process the revenues as well as the hidden cost/profits, there is complete transparency resulting in the satisfaction of the Title Holders and since ownership is retained anxiety is lesser.

viii) T.E.A.M stands to benefit from the Brand value and experience of the SMGK Group and hence the cost price of the product is feasible.

There’s a reason why we call it T.E.A.M. Because only a TEAM works in the collective interest of any redevelopment project.

Resources / Links on Self Redevelopment

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Indian Express Article screenshot

Frequently Asked Questions

1% is the processing fees.

The bank sanctions up to 95% loan of the project cost at xx% simple interest per Annum.

The project cost is the total cost required to complete the self-redevelopment project successfully. It shall include construction cost, professional fees, TDR purchase cost at MCGM/MHADA, TDR cost from open market, MCGM/MHADA Premiums payable for development as per the Development Control Regulations, Cost to get Building Approvals, Rent to Members, Shifting Charges to Members, Interest Cost, Cost of Site Management and other miscellaneous costs related to the project.

Our in-house team of site engineers & Architects will ensure quality work from the contractors and in casework is not up to the standards their contracts can be terminated.

Depending on the project feasibility, the extra area will be offered to each member. Thus additional areas offered may differ from project to project.

Society will have to keep one point contact. If society appoints agency with all professionals under one roof then the responsibility of the work is only on one company.

Firstly, this will not happen as a society will have fewer flats to sell. Secondly, we have a sales and marketing team that will get the research of the market about the demand and supply in neighborhood areas.

Firstly, this will not happen as a society will have fewer flats to sell. Secondly, we have a sales and marketing team that will get the research of the market about the demand and supply in neighborhood areas. In the worst scenario, the Bank will take over the new inventory.

Firstly, this will not happen as a society will have fewer flats to se

There is no development agreement as society members are the owner and no transfer of rights takes places hence, stamp duty is not required to be paid.

ll. Secondly, we have a sales and marketing team that will get the research of the market about the demand and supply in neighborhood areas. In the worst scenario, the Bank will take over the new inventory.

Delays happen due to financial or approval problems, as in self-redevelopment all approvals will be in place before vacating flats and the loan is approved by the bank, there will be no cause for delays.

In self-redevelopment, the project gains profit which is distributed equally amongst all the society members.

Yes, as society is a part of design decisions, they can take upper floors and keep sale area on lower floors.

This will depend on the type of project.

Society will repay the loan from the sale of additional flats in the project.

The society with the help of the sales & marketing team will make the sale of flats. We have an in-house sales team.

It will be covered in the project costs. Bank will transfer rent to their respective account opened in Mumbai Bank

This can be decided as per the general body.

The moratorium period is of 2 yrs for a loan up to 50Cr and 3 yrs for Loan more than 50Cr.

Mumbai bank will sanction and disburse the loan on 1 FSI IOD/IOA.

We have a team of designing architects headed by our director, Mr. ____________

(name of the in-house Architect) who has designed over XX number of projects

There will be no mortgage on the flats of any existing members.

The loan period will be XX years for a loan up to 50 crs and XX years for a loan of more than 50 crs.

Our in-house Chartered Accountant & its team will manage account writing and taxation. 

We have an in-house team of advocates to guide in all aspects from conveyance to co-operative matters to all legal documents related to redevelopment.

Our team is a group of professionals. It undertakes a turnkey project and provides professional services from start to end required for the redevelopment project such as architect, engineers, approvals, legal, Chartered accountant, PMC for society management, liaison for funding and even sales & marketing.

Payments will be released as per requirement of the project and approval from the MMDC Bank, nodal agency and PMC.

The society will get the necessary help from Ssavai team to identify and appoint a qualified contractor.

The project will have full construction insurance.

There will be no personal guarantee of any individual member.

Not sure if you want to redevelop or self-redevelop your old housing society?

Get on a one-to-one chat with us by sharing with us a few details:

    Contact Us

    SMGK House, Hill Park Complex, Capt. Suresh Samant Marg, Near Agarwal Ind. Estate,
    Jogeshwari (W), Mumbai 400102. India.

    T : +91 22 2679 4006 / 6692 9686

    E : info@smgkfoundation.com