Redevelopment has become a latest realty trend in the housing sector. The old structures are getting knocked down and in place of it the real estate builders are coming up with fresh constructions with latest amenities and facilities. Redevelopment projects have proved to be beneficial for both developers and property owners. Since there is shortage of land in prime locations and even the price of lands is soaring, developers find redevelopment as a favorable option whereas property owners are getting the advantage to dwell in new residences at affordable rates. However before signing a redevelopment agreement, property owners should be really conscious or they might fall into the trap. Even though you are dealing with a reputed developer, you need to do a proper check before signing the agreement. According to the experts, real estate builders may come up with some outstanding offers to attract the owners and get them to sign the redevelopment contract. There are chances that you might be the victim of any deceptive act of these developers.You can avoid such risks by conducting proper inspection and following the necessary measures:Has the builder acquired all the required permissions? Before you enter into a redevelopment agreement make sure the developer has obtained all the necessary permissions for construction. The developer can commence with the development process, only after he acquires Commencement Certificate (CC). Before CC, he also has to acquire various permissions and sanction under the Intimation of Disapproval (IOD). The dwellers may vacate and allow for reconstruction only when the IOD is obtained. This would reduce the expenditure of the developer which he will be paying as rentals to the dwellers for the alternative accommodation.Reimbursement:During the residential redevelopment process, it is the responsibility of the developers to pay rentals to the society members for their alternative accommodation. Reimbursement is a kind of contract between the developer and the property owner as per which the owner could expect monthly rental from the developer. Generally the rent is estimated as per the rental of other apartment of same size in that or neighboring locations. But there are numerous property owners who are suffering from low rentals collected from the developers and are paying the additional amount from their pockets. Therefore it is necessary that the owners understand the importance of including rental appreciation cost in the agreement. Rentals are likely to increase by 10 to 12 % every year thus it should be taken into consideration. Reimbursement should also comprise of the brokerage amount paid to agents who offer accommodation to the dwellers.Appropriate and legal contract:The redevelopment agreement between the developer and the property owner should be clear and conclude all the necessary details that will help the owners to know clearly about the process. The contract should include information such as project completion date, size of the property, reimbursement of rent, nature of reimbursement. The agreement should also include clause that states about the delay of property, in case of delay how much penalty will be charged. The compensation on project delay can be in form of cash or any other form. The agreement should be as clear as possible.Only ask for relevant amenities:The cost of maintenance rises with every additional facility or amenity. Usually to provide an enhanced lifestyle, developers may offer amenities like gym, recreational centre, garden, improved lobby, parking space or even increase in the size of property. The developers normally provide this additional convenience at discounted price. While fixing the amenities, the society members should decide mutually and ask for only those amenities which are important. Sometimes developers may also provide maintenance free period. In such cases the developers are liable to pay the fees in place of the society members.By following the above guidelines you can avoid the pitfalls while going for redevelopment housing and take the pleasure of dwelling in enhanced residences at affordable rates.займ на карту без отказов круглосуточновзять кредит онлайн