Tips for successful Redevelopment
Here are Must know things –
- The offer received from the builder should commensurate with the potential of the plot taken for redevelopment as per architect’s report.
- 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.
- The tenders received should be objectively evaluated by an able architect appointed by the society.
- All the members of the society should give their consents to avoid disputes.
- 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.
- 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.
- All agreements / documents should be scrutinized by a competent advocate appointed by the society to ensure that there is no lacuna.
- Bank guarantee for the total cost of the redevelopment project should be obtained from the developer covering the full period of construction.
- Penalty clause should be inserted in the agreement to ensure proper implementation of the project by the developer.
- 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.
- Existing society members should vacate their respective premises only after all necessary approvals.
- Any committee members or office bearer of society should not be the relative of builder or developer.
- Also check https://www.firstpost.com/business/economy/6-things-you-need-to-know-about-property-redevelopment-427625.html
