Min important documents needed before vacating/handing posession to developer

Here are the important points that may be considered by your society while considering redevelopment

• • Income tax liability on the cooperative society; clause should be included in the tender that the same would be the liability of the developer

• • Ask for the permission if developer has obtained from the cooperative department in the projects undertaken for redevelopment in Maharashtra

• • Insist on a feasibility report; the services of a project management consultant of repute can be of help to the cooperative society in the long run

• • Insist on categorical statement from the developer that the developer will not construct more than a specified carpet area (be specific in sq feet terms)

• • The rights for additional FSI/TDR benefits should exclusively belong to the cooperative society

• • Do not to keep blind faith on cooperative society members negotiating with the builder

• • Do not compromise on stuff like height of the flat, three-phase meter, bore well, etc. Insist on individual agreement of members with developer before vacating the premises

• • Six months time be given to the members to shift to the new flat and then only possession of flat should be given to the new flat purchasers. This will have a taming impact on the new flat purchasers who at times do not behave properly with the managing committee members. A small minority may not be able to stop a redevelopment project

• • Insist on bar chart with regards to the phase at which construction activities would proceed

• • Ensure site visits to the various redevelopment projects completed by the developers. Before site visit, the letter of acceptance given by the cooperative society (where site visit is proposed) should be insisted

• • Post-dated cheque for a period of 24 months in advance. Normally the buildings are not constructed within the promised period. The agreement with the licensor should give an option of retaining the premises for an additional period of six months. The rent is normally increased every 11 months by the licensor

• • Amenities should be specified in detail

• • TDR to be purchased in cooperative society’s name

• • Agreement should specify that if the project is delayed beyond say ________ (days/month), then penalty per day of Rs_______ will have to be paid by the builder to each cooperative society member, besides the rent

Thank you Sir for the detailed reply n will keep in mind above important points given by you.

1. We have already appointed PMC, selected Developer n Now we have to Vacate the Flats as Bldg is Danger C1 Category of Navi Mumbai Municipal Corpn. 
2. BEFORE VACATING-we have asked for Development Agreement. And as you, We also need PAAA before Vacating plus IOD from Municipality., Bank Guarantee is yet to be taken.