To adopt and manage change successfully and satisfactorily, it is necessary to understand the change, its processes, its complexities, its challenges, its implications and its consequences. This is true more so when it comes to the uniquely seminal change that is Redevelopment.
Redevelopment is defined as any new construction on a site that has a pre-existing structure that is demolished and rebuilt. To elaborate in brief, cooperative housing societies that either have some open plot of land or are willing to demolish the old structures to reconstruct new buildings, enter into an agreement with a sound and credible developer. The developer agrees to pay a mutually agreed upon consideration to the cooperative society for its permission to construct a building on the open plot of land or to construct a new, bigger building using the Transferable Development Right (TDR), Floor space index (FSI) after demolishing the existing structure. While newer and bigger flats are assured to existing members, the developer also pays some consideration to each member towards alternate accommodation and related costs, till the new building is constructed. The developer profits through sale of extra flats constructed using TDR FSI in the open market.
" The greatest discovery of all time is that a person can change his future by merely changing his attitude."