₹55 Cr Self-Redevelopment Project Finance for a 64-Member Housing Society in Borivali West
A 41-year-old, 64-member cooperative housing society in Borivali West on a 2,650 sq m plot decided to undertake self-redevelopment under DCPR 2034 Regulation 33(7)(B) rather than handing over 45% of the plot's free-sale profit to a third-party builder.
The original developer from 1985 had never executed the conveyance of land in favour of the society, blocking mortgage creation.
Members wanted 38% additional carpet area plus ₹32,000/month transit rent, requiring ₹55.00 crore in peak funding across BMC FSI premiums, transit rent and EPC construction cost.
Lenders required an experienced Project Management Consultant (PMC), an item-rate EPC contractor with a performance BG, and 100% member consent registered under Section 79A guidelines.
2. How the file and cash-flow waterfall were structured
Guided the managing committee through the District Deputy Registrar (DDR) Deemed Conveyance order and mutation of the society's name on the Property Card.
Prepared the DCPR 2034 Reg. 33(7)(B) feasibility report and MahaRERA 70% Separate Account cash-flow model showing ₹112 crore in gross revenue from the 26 free-sale flats against ₹55 crore peak debt (1.82x cover).
Secured a ₹55.00 crore Self-Redevelopment sanction at 10.90% p.a., where stage payments go directly from the bank escrow account to BMC (for premiums), members (for transit rent) and the EPC contractor (against PMC/Architect Form 1 & Engineer Form 2 certificates).
3. Before vs. after sanction comparison
Comparison of initial position vs. final sanctioned terms (BC-2026-09)
Credit Metric
Initial Position / Bottleneck
Structured Sanction
Project Funding Sanctioned
Builder offer gave only 22% extra area
₹55.00 Cr Self-Redevelopment Loan at 10.90% p.a.
Additional Carpet Area per Member
22% offered by external developer
38% additional carpet area + ₹12L corpus per member
