REDEVELOPMENT
YOUR SOCIETY, REIMAGINED
for the families who already call it home.
40+
YEARS IN THE INDUSTRY
3500+
Residential
Apartments
100%
PROJECT COMPLETION
Zero
STALLED
PROJECTS
Zero
RERA
COMPLAINTS
A LEGACY THAT SHAPED MIRA ROAD
THREE GENERATIONS. ONE COMMITMENT TO Building Better Communities.
AsmitA’s connection to Mira Road began long before the company itself. In 1962, the late Haji Syed Nazar Hussain recognised the potential of what was then largely undeveloped land and helped lay the foundations for what would become Naya Nagar, working to bring essential infrastructure, connectivity and community facilities to the area.
His son, S. Muzaffar Hussain, carried that vision forward by founding AsmitA India Realty in 1985. Over the decades that
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followed, the company helped shape Mira Road through residential and commercial development, delivering thousands of homes and building communities that generations of families have grown up in.
Today, the third generation, led by Director Mazhar Syed, is taking that legacy into its next chapter. With a growing focus on redevelopment, the vision is to renew established societies with better homes, modern infrastructure and thoughtfully designed spaces while respecting the communities and connections already built there.
From shaping a neighbourhood, to building its homes, to reimagining them for the future.
The Visionary
Late Haji Syed
Nazar Hussain
The Builder
Mr. Syed Muzaffar Hussain
The Next Chapter
Mr. Syed Mazhar Hussain
A VISION FOR
Urban Renewal
Building on What Exists. Creating What Comes Next.
For Mazhar Syed, Director of AsmitA India Realty, redevelopment is about more than replacing an ageing building with a new one. It is an opportunity to understand what a community already values, recognise what it needs for the future, and create something that meaningfully improves the way people live.
Mazhar takes a hands-on role in the redevelopment process, personally meeting with housing societies, presenting AsmitA’s proposals and discussing the vision for their property directly with residents. These conversations provide an opportunity to understand what matters to each society, answer questions and ensure expectations are clear from the outset.
His approach brings together thoughtful planning, modern design and long term value, while recognising the responsibility that comes with redeveloping homes where families and communities have been established for generations.
Having overseen the development of AsmitA Grand Maison from the ground up, Mazhar now brings that experience to the next chapter of AsmitA India Realty, with a growing focus on redevelopment across Mumbai.
The vision is simple: to give established communities better homes, better spaces and a development they can feel proud to return to.
A TRACK RECORD BUILT OVER Four Decades
Experience You Can Build On.
For over four decades, AsmitA India Realty has built across a diverse range of developments, from residential towers and commercial spaces to schools and healthcare facilities. Each has brought different challenges, requirements and responsibilities, strengthening the experience we bring to every project.
Today, that breadth of knowledge forms the foundation of our approach to redevelopment, combining decades of building experience with a clear understanding of what it takes to create spaces that serve people and communities for the long term.
WHAT REDEVELOPMENT Actually Means for You
Larger Homes
Receive an upgraded, modern home with additional carpet area at absolutely no cost to you. Fully funded by the development, your new residence is meticulously designed to be bigger, smarter, and built to premium standards with zero out-of-pocket expenses.
Corpus Fund & Rent Allowance
A guaranteed corpus fund is deposited directly to your account. Full rent allowance is provided throughout construction so you live comfortably while your new home is being built.
Legal Protection & Transparency
Every commitment is backed by a registered Development Agreement under Section 79A. MahaRERA-registered project with a clear, transparent timeline and full legal protection for all members.
Modern Amenities & Higher Value
Enjoy modern amenities, smart home features, and sustainable design. Your property value increases significantly with a brand-new building, shifting support fully managed by AsmitA India Realty.
REDEVELOPMENT Process Guide
The society begins the redevelopment process by issuing a public notice/invitation for redevelopment proposals in accordance with the redevelopment guidelines issued under Section 79(A) of the Maharashtra Co-operative Societies Act, 1960. AsmitA India Realty submits detailed offers covering:
- Proposed carpet area and tentative flat layouts
- Transit rent or alternate accommodation provisions
- Corpus fund, amenities, and specifications
- Construction schedule, milestones, and payment terms
The society shall appoint an independent Project Management Consultant (PMC) and a Legal Advisor through a formal resolution. They assist the committee in:
- Assessing technical feasibility and planning parameters as per the applicable UDCPR provisions for redevelopment.
- Verifying financial capability and track record of bidders
- Comparing offers through a transparent comparative statement
The comparative report is presented to members in a Special General Body Meeting (SGBM) for deliberation and shortlisting of the preferred developer.
Following detailed discussion, the society passes a redevelopment resolution by a minimum 75 % majority of total members (as per GR dated 04.07.2019).
Each member then provides irrevocable written consent in the prescribed format confirming acceptance of the redevelopment proposal. This collective consent authorises the society to execute the Development Agreement.
A registered Development Agreement is executed between the society and AsmitA India Realty, specifying:
- Commercial terms (carpet area, corpus, rent, amenities)
- Construction milestones & delivery timelines
- Legal rights, indemnities, and dispute-resolution clauses
Architectural plans are prepared and submitted to MBMC for scrutiny. On compliance with planning norms, MBMC issues an Intimation of Disapproval (IOD) — listing pre-construction conditions.
After receipt of IOD, Permanent Alternate Accommodation Agreements are executed and registered individually with each member. These agreements legally secure:
- The member’s entitlement to a new flat and carpet area
- The assured transit rent or alternate accommodation
- The developer’s contractual obligations and timelines
Once all members vacate and possession is handed over, the old structure is demolished safely under statutory supervision.
MBMC issues a Commencement Certificate (CC) permitting construction as per the approved plans and IOD conditions.
Necessary NOCs (Fire, Environmental, etc.) are obtained before starting actual work.
Construction proceeds under MBMC’s continuous monitoring and periodic inspection by the PMC and structural consultant.
After completion and compliance with all norms (fire, drainage, structural, and environmental), MBMC issues the Occupation Certificate (OC) confirming the building is fit for occupation.
With the OC granted, AsmitA India Realty hands over the new, legally compliant flats to society members and new allottees. Within 4 to 6 months, a new co-operative housing society (or reconstituted society) is registered.
All project documents — sanctioned plans, approvals, warranties, and conveyance deeds are transferred to the newly elected managing committee.
Disclaimer:This guide is for general informational purposes only and outlines the typical redevelopment process within the MBMC jurisdiction. It is not intended to constitute legal, technical, or professional advice. Societies, members, and developers should consult their own legal, architectural, and other professional advisors for project-specific guidance. AsmitA India Realty assumes no responsibility for any errors, omissions, or actions taken based on this information.
LET'S TALK ABOUT What’s Next for Your Society
Share a few details and our team will be in touch to discuss your redevelopment.
FAQs
The vetting process requires key legal and property documents to verify ownership and eligibility for redevelopment. These include:
Society Documents:
- Society Registration Certificate
- Conveyance / Lease / Sale Deed
- Property Card and 7/12 Extract
- City Survey or Demarcation Plan
- NA Order (if applicable)
- Index II and Approved Building Plan
- Property and Water Tax Bills
- Member List with Flat Numbers
Member Documents:
- Proof of stamp duty and registration paid
- Share Certificate
- Sale Deed / Allotment Letter / Agreement to Sell
- Proof of ownership and existing flat area
In Mira Bhayandar, most projects come under Society Redevelopment, approved by the MBMC under UDCPR guidelines.
MHADA Redevelopment applies only to buildings on MHADA-owned or leased land, where MHADA is the approving authority — though such cases are rare in this region.
Yes. Homebuyers are protected under the Real Estate (Regulation and Development) Act, 2016 (RERA), which ensures transparency and accountability in all real estate and redevelopment projects.
Under MahaRERA, developers must register their projects, adhere to approved plans, and meet possession timelines. Buyers can file complaints directly with MahaRERA for quick resolution. This law safeguards every stage of the redevelopment process — from agreement to delivery — ensuring that buyers’ rights and investments remain secure.
Redevelopment typically follows these structured stages to ensure transparency and legal compliance:
- Feasibility & Approval: A certified structural engineer inspects the building. Members approve redevelopment in a General Body Meeting (GBM) with minimum 51% consent.
- Appointing Experts: The society forms a Redevelopment Committee and appoints an Architect, Legal Advisor, and Project Management Consultant (PMC).
- Developer Selection: Proposals are invited from reputed developers. The final developer is approved in a GBM with at least 70% member consent, following comparative evaluation.
- Plan Sanctions & Approvals: The selected developer obtains approvals from MBMC. A Commencement Certificate (CC) is issued before construction begins.
- Construction & Handover: Members temporarily relocate while the old structure is redeveloped. After completion and inspection, MBMC issues an Occupation Certificate (OC), and new flats are handed over to members.
Any housing society or building over 30 years old, or one that has a structural audit report recommending redevelopment, can begin the process.
Redevelopment is most suitable for societies dealing with issues like poor maintenance, lack of parking, outdated amenities, or safety concerns.
To proceed, the proposal must be approved by at least 51% of society members through a resolution passed in a General Body Meeting (GBM).
In a redevelopment project, the developer pays all statutory payments, including stamp duty, registration, and government fees related to the redevelopment area.
However, any outstanding dues of existing members must be settled by the members themselves. If a member chooses to purchase additional area beyond what is allotted, all related charges — such as Stamp Duty, Registration, and GST — are to be borne by that member.
Selecting the right developer is crucial for a successful project. Societies should evaluate:
- Financial Stability: Ensure the developer has the financial capacity to complete the project on time.
- Track Record: Review their past redevelopment or real estate projects for quality and reliability.
- Quality of Offer: Compare the carpet area, corpus, amenities, and rent offered.
- Professional Approach: Assess transparency, communication, and willingness to address members’ concerns.
Choosing a developer with a strong reputation and proven delivery record ensures a smooth and secure redevelopment journey.
Not necessarily. Every redevelopment project is evaluated differently based on its feasibility and site conditions.
Factors such as the existing building’s utilisation, plot size, road access, and even requirements like road widening can influence the offer. As a result, the terms, area, and benefits may vary from one society to another — even if they’re located nearby.
Transparency is key to a successful redevelopment. All terms and conditions should be clearly documented in writing, leaving no room for verbal agreements.
The society must also ensure that every stage of the process follows legal compliance, with regular updates shared with all members. Any form of misconduct, rule violation, or unauthorised change should be strictly avoided to protect the interests of all residents.