Like every other thing on this earth whether it’s a living or non-living has got a life span, even buildings do have an expiry date. After certain period of construction, even these non-living edifices which are home to the living human-beings slowly start gnawing away. The natural climatic conditions, surrounding environment and maintenance are the main causes for destruction. Fortunately, unlike human-beings, the life span of the building can be extended by renovation and redevelopment.Redevelopment of the old structures has become an escalating trend in the real estate sector. Most of the developers are undertaking redevelopment projects in prime localities of India. One of the major reasons for the increasing demand as well as supply of redevelopments projects are scarcity of lands to develop new projects in metros and other primary residential areas. Even the high property price which is touching the sky, is forcing the builders to shift their focus to redevelopment properties.Not only the builders even the property owners are finding this option fruitful as they can get relieved by high maintenance costs and replace the old and dreary buildings with posh and fresh ones. Apart from new buildings, the builders also provide additional facilities and better amenities to the owners. Instead of shredding money in new swanky projects, the owners get to experience a similar lifestyle and that to at reasonable prices with these redevelopment projects.As everybody knows that risks are part and parcel of realty deals, so as a cautious property owner you need to keep a check on various factors that is related to redevelopment projects. Sometimes greed and dishonesty from builder’s side can be a dicey situation for the owners. Therefore to avoid problems in future, an owner should follow certain guidelines that are associated with this type of developments.General body meeting for builder selection and mutual agreement:Initially, it is essential to arrange a general body meeting where the members of the co-operative society will be present and would decide which builder to shortlist for the redevelopment process. The meeting should be attended by at least 75% of the members. As a minimum, 75% of the members should agree upon the builder shortlisted, than only the process will take off. As per the rules of General Body Meeting, the members should mutually agree to vacant the space for carrying out the construction process. Any member who disagrees will have to go through legal process.Builders reputation, experience, past records, credentials are the key aspects to look for before short listing the builders. The builder who gets selected, have to present a detail plan of the redevelopment project to the society members along with the terms and conditions. The builder has to discuss the entire project plan with the society members and should attain huge consent.Appointment of project management consultant:Whenever you take real estate based decisions, it is advisable to take a professional help. You can appoint Project Management Consultant and take assistance from them. They will ensure that the project flows smoothly and doest face any hassles and also take care of legal documents like maintenance bills, property tax papers etc. The society should pay the charges to the consultant which would be repaid by the builders later.Necessary documents:The owner should possess the following necessary documents at the redevelopment process:
- Conveyance deed
- One of the main documents which proves that the society is legally formed, Society Registration Certificate
- List of all the society members along with the carpet area of their residential units
- The resolution regarding the redevelopment project which was approved in the General Body Meeting
- City study plan
- Property card for the plot
- If the property is under Development Plan area and Development plan remark and if the property is under town planning policy then Town Plan remark
- Document of the plan which is sanctioned for redevelopment
Ensure all the points mentioned in development agreement are executed:The redevelopment agreement which is a contract between the developer and the society members should cover all the vital points that is associated with the development process such as the project start time, completion time, amenities offered, property transfer rights, rent in lieu, alternate dwelling details etc.To avoid falling into the trap and complications later, it is necessary to take care of the following aspects:
- The property owner should ask the builder for the security deposit that is equivalent to the cost of rebuilding so that the builder continues to show interest in the development process.
- Most of the time, the builder agrees upon to offer all the facilities but he provides only some of the amenities mentioned in the agreement. Hence as an alert owner you have to check that the builder delivers all the amenities.
- Ensure that the builder provides you the additional floor space as mentioned in the agreement
- The developer has to pay the corpus fund to the property owner or the members of the society for two reasons; one is for the trouble that the members had to face while shifting and the other for the municipal taxes that has to be paid after the project redevelopment. It is important to ensure that this point is mentioned in the agreement
- As a proof of his assurance, the builder has to present guarantee of the bank which would state about the project completion period.
- The agreement should include about the alternative accommodation charges that would be borne by the developers.
Civic body approval:Once the redevelopment agreement gets implemented, it is time to submit the plan to the civic body and get the necessary approvals. After this the builder loads the Transfer of Development Rights (TDR).Commencement certificate:After ensuring that all the members have been shifted to the alternate living space, the demolition work will get started. After that the civic body has to issue the commencement certificate to the developer for commencing the construction process as per the agreement approved.Attainment of occupancy certificate:After the project gets completed, with respect to the terms and conditions mentioned in the approval plan, it is mandatory to get an occupancy certificate sanctioned by the concerned civic body. Finally as per the redevelopment agreement, the housing units will be handed over to the concerned members.So if yours residential property is all set to get redeveloped then go through all the process mentioned above for safe and tension-free living.займ на карту без отказов круглосуточновзять кредит онлайн