FEASIBILITY REPORT

Feasibility Study – The Foundation of Redevelopment

The Feasibility Study marks the first and most critical phase of any Redevelopment Project. This phase sets the tone for the entire process and provides the base framework on which all future decisions are made. It begins when the Managing Committee (MC) of the Co-operative Housing Society formally initiates the redevelopment process through a Special General Body Meeting (SGBM) and concludes with the formal adoption of the Feasibility Report prepared by the appointed Project Management Consultant (PMC).

This phase is typically completed over a 4-month period and comprises the following two key stages:

Stage 1: Project Initiation & Appointment of PMC

• Active Agency: Managing Committee (MC)

• Duration: Approximately 2 months

• SGBM Involved: SGBM 1

• Key Milestones:

  • General Body Resolution for Redevelopment

  • Selection and Appointment of a qualified PMC with relevant redevelopment experience

• Project Records to be Maintained:

  • Copy of SGBM Notice and Minutes

  • Letter of Appointment issued to PMC

  • Consent of members authorizing the MC to explore redevelopment

Additional Notes:

• During this stage, it is important for the MC to create awareness among members, organize informal meetings, and ensure transparency.

• The PMC must be selected after due diligence, considering their track record, experience, team strength, and knowledge of local regulations.

Stage 2: Feasibility Study & Submission of Report

• Active Agencies: Managing Committee (MC) & Project Management Consultant (PMC)

• Duration: Approximately 2 months

• SGBMs Involved: SGBM 2 (for base area approval) and SGBM 3 (for report approval)

• Key Milestones:

  • Finalization of Base Carpet Area for each member

  • Preparation and Presentation of the Feasibility Report to the General Body

  • Formal Approval of the Feasibility Report by Society Members in the SGBM

• Project Records to be Maintained:

  • Base Carpet Area Statement for all members

  • Final Feasibility Report approved by the Society

  • Signed minutes of SGBMs, attendance sheets, and member consents

Additional Points:

• The Feasibility Report should include:

  • Existing and proposed building details

  • Projected FSI/TDR utilization

  • Tentative construction timelines

  • Cost-benefit analysis

  • Entitlements for each member (additional area, corpus, rent, amenities)

  • Market trends and developer viability

• The PMC should also address queries from members and ensure clarity on technical and commercial aspects.

Outcome of the Feasibility Phase

Once the Feasibility Report is approved by the Society’s General Body, the project becomes formally structured. This marks the end of the planning stage and paves the way for the next major phase — Tendering and Developer Selection.

A well-prepared and approved Feasibility Report:

• Ensures clarity for all stakeholders

• Reduces future disputes and confusion

• Helps in identifying the right developer

• Acts as a reference document throughout the project