REDEVELOPMENT PHASES

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Sr. No.QuestionAnswer
1We had recently floated Tender and have received proposals from 8 builders. What are the steps to be followed now up to selection of Developer?For a detailed process of Selection of Developer, you should visit www.redevelopment.info

and check out Phase 2, Stage 2.

However, here is a concise list of steps:

A: To Make First Shortlist
1. Comparative Statement of Bids
2. Joint Meetings, Negotiations with Bidders (Adherence to Tender)
3. First Shortlist

B: To Make Final Shortlist
4. Due Diligence: Experience (Projects, Clients' References)
5. Due Diligence: Financial Adequacy
6. Due Diligence: Legal
7. Final Shortlist

C: To Consolidate Final Offers
8. Visits to Bidders’ Offices
9. Visits to Bidders’ Project Sites
10. Final Joint Meetings, Negotiations with Bidders
11. Final Techno-Commercial Offers from Bidders


D: To Select A Developer
12. Presentations by Bidders: Plans & Techno-commercial Offers
13. Selection of Preferred Developer
14. Selection of Developer in SGBM (79A)
2We are in the process of selecting a Builder. He will be making a presentation in a few days. Please guide as to what questions we should ask to builder. Your Questions to the Developer should depend on what you expect from him and what you have observed thus far during the Selection Process. Generally, they may be based on the following:

1. Adherence to your Tender Conditions, especially Special Conditions, if any
2. Experience in Projects of Similar Size, Nature, DC Regulation
3. Process of Approval, TDR Loading, Clubbing with another plot, if any
4. Securities: Bank Guarantee, Area Security etc
5. Issues noticed during Technical, Financial & Legal Due Diligence, if any
6. Quality/ Delay issues observed/ reported during Site Visits, if any
7. Plans & Presentation made by Developer
8. Commercial Offer and Terms
3We have received proposals from different Developers under different Regulations (Schemes). How to select the right Developer and Regulation? Redevelopment may be undertaken under different DCPR Regulations (Schemes), the applicability of which depends on various factors such as the location, size, access and ownership of plot, age of existing building etc.

While selecting a Developer and Regulation, following crucial aspects must be considered:

1. Whether the Regulation or combination of Regulations proposed by the Developer are applicable for your type of project, whether they are currently in force and whether the Developer has any prior experience in them?

2. What is the total "FSI Potential" for that Regulation on which the Developer has based his Commercial Offer?

3. What are the Stages in which the total FSI will be loaded for approval? More importantly, how much will be loaded at IOD and whether it will "physically" secure existing members' Flats and car parks?

4. Whether your project will be "clubbed" with any other project? If yes, what is the legality and current stage of that other project? And, if your Developer defaults or does not perform, how you can salvage your project to protect the interests of your members? This is important because the progress, completion and legality of your project will depend on the other project as well.


You should carefully weigh the Risks and Benefits of such regulations before selecting your Developer and Regulation!