Tips for selection of builder in redevelopment

Tips for selection of builder in redevelopment

Here are Must know things for successful redevelopment

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 and not 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. Complete details of the offers made by the developer should be clearly understood by all the members of the society and there should be transparency in the dealings.
6. Redevelopment committee should be formed from amongst the other members of the society by including 2/3 members from the managing committee to oversee the entire process to ensure that complete transparency is maintained by the managing committee of the society.
7. All agreements / documents should be got 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 redevelopment 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 to 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 member or office bearer of society should not be the relative of builder or developer.