Any real estate experts.

Need advice from real estate experts. How does apartment redevelopment work for existing flat owners?

I’m looking for some guidance from people who have experience with apartment redevelopment projects.

I live in an older apartment building (around 15+ years old), and there’s been some discussion about possible redevelopment in the future. I want to understand how the process usually works.

Specifically:

1.	How is redevelopment typically initiated and approved?

2.	What role do existing flat owners play in the decision?

3.	Do existing flat owners have to pay anything to get a flat in the redeveloped building?

4.	If payment is required, how is it calculated and structured (extra area cost, corpus fund adjustment, construction-linked payments, etc.)?

5.	What happens if some owners don’t agree?

6.	Are there any common risks or things we should be careful about in such projects?

Would really appreciate insights from real estate professionals, lawyers, or anyone who has gone through redevelopment personally.

Thanks in advance!

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