Important points to consider for redevelopment of housing society :
- Any extra area received should be mentioned in terms of "carpet area"
- A list of old carpet area and new carpet area should be prepared, so that there is no confusion
- Future FSI or any other extra benefits received, the rights should remain 100% with the society
- Agreement should explicitly mention that members receive "stilt/garage" parking spaces and not just parking spaces
- Builder should pay property tax until O.C. is received
- Members will not occupy premises until O.C. is received and builder will have to pay rent until O.C. is received
- Get the individual flat allotment, parking allotment and redevelopment plan registered along with the common redevelopment agreement and not later. so that member can sell their flats if they want to
- If any member default or doesnt vacant the premises the liability will be of that member only and not of entire society or any other member
- Any member can sell his/her flat and NOC from builder is not required
- Member will vacant premises only after IOD and CC both are received, else builder will demolish the building after IOD and stall the project
- Always take bank guarantee
- Have time limit for receiving IOD, C.C., start of redevelopment work, finishing redevelopment work, if time exceeds then builder will have to pay penalty for delays
- Build will hand over the project within specific time period
- Builder will pay all charges for registration and stamp duty for individual agreement and common redevelopment agreement
- Any extra area received should be mentioned in terms of "carpet area"
- A list of old carpet area and new carpet area should be prepared, so that there is no confusion
- Future FSI or any other extra benefits received, the rights should remain 100% with the society
- Agreement should explicitly mention that members receive "stilt/garage" parking spaces and not just parking spaces
- Builder should pay property tax until O.C. is received
- Members will not occupy premises until O.C. is received and builder will have to pay rent until O.C. is received
- Get the individual flat allotment, parking allotment and redevelopment plan registered along with the common redevelopment agreement and not later. so that member can sell their flats if they want to
- If any member default or doesnt vacant the premises the liability will be of that member only and not of entire society or any other member
- Any member can sell his/her flat and NOC from builder is not required
- Member will vacant premises only after IOD and CC both are received, else builder will demolish the building after IOD and stall the project
- Always take bank guarantee
- Have time limit for receiving IOD, C.C., start of redevelopment work, finishing redevelopment work, if time exceeds then builder will have to pay penalty for delays
- Build will hand over the project within specific time period
- Builder will pay all charges for registration and stamp duty for individual agreement and common redevelopment agreement
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