Friday, July 23, 2010

The Re-Development Agreement

Before the ball starts rolling the members of the society will be asked to sign an agreement.

The agreement should include, besides other suggestions of the architect, the following:
  1. The project should be completed within two years and under exceptional circumstances not exceeding three years
  2. The developer to give a Bank Guarantee of 20% of the cost of the development project
  3. Alternate accommodation within the same area as far as possible or monthly rent and deposit as agreeable to the members  
  4. Agreement to be registered  
  5. Purchasers to be admitted as members only at the Special General Body Meeting held after the project is competed proves of such members 
  6. Carpet area of the new flat should be mentioned
  7. Development rights are not transferable  
  8. Members to vacate only after all legal formalities for re-development are satisfactorily completed,  
  9. Rights of unit/flat occupant remain unaffected  
  10. The agreement between the developer/contractor and /or Architect and/or the society should mention Section 91 of the Maharastra Co-operative Societies Act will be applicable in case of disputes during the re-development world
  11. The flats will be distributed only after occupation certificate in the same order of the floors as per the present layout as far as possible or otherwise distribution by draw of lots.
  12. Draw of lots should be arranged by the developer in the presence of the representative of the registrar and the meeting should be video recorded,
Sometime ago I had written in detail about this agreement on my blog on Mumbai click HERE to read under the paragraph that says
When drafting a Development Agreement, some of the important points and clauses of a development agreement are:
all the points are discussed in details on this post.





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