REPOSSESSION

Repossession – Phase 5 and Final Stage of Redevelopment

The Repossession Phase marks the culmination of the Redevelopment Project, bringing the entire journey full circle — from vision to completion. It is a highly emotional and significant milestone for the Society and its members, as they finally return to their new, upgraded homes after years of anticipation and transition.

This phase begins once the construction of the new building is completed in all respects, and the Developer has secured the Full Occupancy Certificate (OC) from the relevant municipal authority. It concludes when all eligible members have taken formal possession of their new units within the stipulated notice period.

The total duration for this phase is generally around one month, and it is divided into the following two distinct stages:

Stage 1: Defect Rectification & Member Repossession

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

• SGBM Required: 1 (To initiate and approve the Repossession process)

Key Milestones:

• Rectification of Snag Issues in individual flats (as reported by members)

• Rectification and final finishing of external areas and common amenities (clubhouse, lifts, lobby, parking, etc.)

• Formal Handover of newly constructed units to existing members

• Member-wise walkthrough and joint verification with site engineers and PMC

• Mock fire drill / safety demo (optional) for member awareness

Project Records to be Maintained:

• Carpet Area Certificates of the new flats

• Member-submitted Snag Lists and rectification reports

• Final Parking Allotment Register

• Virtual Completion Certificate from Developer or Architect

• Members’ Possession Letters and Acknowledgement Receipts

• Optional: Handover Kit (keys, manuals, warranties, utility details, etc.)

Additional Notes:

• Society may consider forming a repossession coordination team to assist senior citizens and resolve any last-minute concerns.

• Possession should be given only after complete compliance with all promised deliverables.

• The Developer should provide utility connection updates (electricity meters, water supply, gas line, etc.).

Stage 2: Project Closure & Final Documentation

• Active Agencies: Developer, MC, PMC

• SGBMs Required: None (unless required for formal ratification or final voting)

Key Milestones:

• Formal Repossession of the Building and all Common Amenities by the Society

• Completion of Final Site Clearance and demobilization of construction teams

• Final Joint Site Walkthrough by Society, Developer, and PMC

• Handover of Documents, Warranties, and Drawings by Developer

• Closure of all pending approvals and compliances (RERA, BMC, MCGM, MOFA)

Project Records to be Maintained:

• Final Handover Documents from Developer (structural plans, warranties, vendor contacts)

• Society’s Building Possession Letter confirming takeover of premises and amenities

• Project Completion Certificate issued by PMC

• Project Closure Statement/Letter from Developer

• Statutory compliance file (including RERA updates, OC copy, Fire NOC, etc.)

• Final Maintenance Schedule and List of AMC Contracts (lifts, pumps, fire systems, etc.)

Additional Notes:

• Society should initiate formal steps to take over building maintenance (either through Developer for 1 year as per RERA or via Society’s team).

• Transfer of warranties and maintenance contracts is critical for long-term building upkeep.

• All project files, agreements, and technical drawings should be securely archived for future reference.

Importance of Repossession Phase

• Marks the end of construction and beginning of new ownership

• Affects the comfort, satisfaction, and legal security of members

• Any lapses in this phase can result in long-term operational and legal issues

• Ensures Society has all technical, legal, and utility documentation in hand

• Final project records become critical references for future maintenance, disputes, audits, or legal matters

Beyond Possession – Society’s Next Steps

• Formation of New Managing Committee if tenure has ended

• Initiation of Society Re-registration, if required under Redevelopment

• Collection of corpus, maintenance, and setting up accounting systems

• Planning for occupancy rituals, member orientation, and re-homing support

• Auditing of project finances, PMC reports, and developer performance