Redevelopment of Society

Written by Admin on May 8th, 2011

Collect the details and required documents from the society  define details and list down required documents for each categories</ins>

Make a feasibility report ( Use a Redevelopment Project Management Consultant)

LOI (letter of Interest) is given to society.

Make format of the same with various options Further details are asked like Legal etc.

Once Developer is satisfied an offer is given to the society & Negotiation take place.

Architectural presentations are given and sites visit arranged.
Further procedure is as follows:

Ø Society resolution deciding redevelopment of the Society and further accepting the developer or its subsidiary Company to be the Developer.
draft resolution if available

Ø The signing of the Development agreement, the Power Of Attorney and the letter of Consent by each of the member in favour of the Developer / subsidiary company.

Ø Plans will be submitted by the developer to the members and signatures obtained on them after members ascertaining their carpet areas. Both signatories’ developer and members to sign and freezing of plans.

Ø 1st installment of Corpus/Hardship Compensation (termed ‘hardship’ to avoid capital gain tax) to be released as per offer, normally on the execution of the registered documents.

Ø Passing of plans from MCGM, paying of relevant premiums and requisite fees to obtain IOD.

Ø 1st installment for alternate accommodation and notice to vacate, where required.

Ø Signing of tri partite ownership flat agreement between. Members/society/developers and payment of Stamp Duty/Registration for additional area.

Ø Handing over of members flats to the developer for demolishing, where required.

Ø 2nd installment of Corpus / hardship compensation to be released on members vacating and handing over the possession of the flats for further demolition.

Ø Demolition of the building where required. for all above points upto this point make efficient timelines without budgeting inefficiency</ins>

Ø Obtaining Commencement Certificate after the demolition is completed.

Ø Beginning of construction.

Ø Payment of 2nd installment for Alternate Accommodation(as per offer)

Ø Completion of construction and handing over the ownership flat to members with all the amenities.

Ø Balance compensation.

Ø Admitting new members to the society.

Ø Balance compensation to the society to bring them in par with the existing members.

 

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