Guidelines for successful redevelopment

Tips for successful Redevelopment

Here are Must know things  – 

1. The offer received from the builder should commensurate with the potential of the plot taken for redevelopment as per architect’s report.
2. The builder should be strictly chosen on the basis of his financial capacity and track record. However he should not be chosen on the basis of the highest offer received.
3. The tenders received should be objectively evaluated by an able architect appointed by the society.
4. All the members of the society should give their consents to avoid disputes.
5. All the members of the society should understand Complete details of the offers made by the developer. Hence there will be transparency in the dealings.
6. Redevelopment committee should be formed amongst the other members of the society by including 2/3 members from the managing committee. These members will oversee the entire process to ensure that complete transparency is maintained by the managing committee.
7. All agreements / documents should be scrutinized by a competent advocate appointed by the society to ensure that there is no lacuna.
8. Bank guarantee for the total cost of the redevelopment project should be obtained from the developer covering the full period of construction.
9. Penalty clause should be inserted in the agreement to ensure proper implementation of the project by the developer.
10. The managing committee and the redevelopment committee members should conduct regular inspection when the construction is in process. Therefore  will ensure that there are no deviations from the plans / offers.
11. Existing society members should vacate their respective premises only after all necessary approvals.
12. Any committee members or office bearer of society should not be the relative of builder or developer.
13. Also check https://www.firstpost.com/business/economy/6-things-you-need-to-know-about-property-redevelopment-427625.html