Dimple Shah (prop) 22 December 2012

Redevlopmen please guide

We are having a lease hold property in Mumbai and are planning to redevlop the same.

Need guidiance how to go start with aim to redevelop........?

Step by step list for action will be helpful.....

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1 Replies

Advocate Rohit (Advocate) 22 December 2012

if you are looking to redevelop the property. if its a pvt. ltd. company then it has to pass a borad resolution for the same. then you need to get the quotation from the developers for redevelopment of the property.

Once, you receive the quotation then you need to check and verify the past projects of those developers and also check the financial strength of the developer.

Also check out how much time the developer takes to redevelop the property.

Once, this is done then you can award the redevelopment to the builder who satisfy you with its working quality and capability.

After that you need to execute an agreement with the developer with proper terms and conditions and including the commercial aspects too. you also need to ask the builder to furnsh bank guarantee of atleast 20 % of the project cost. thus, you would have some security if the developer commits default in its obligation.

you would be required to appoint a lawyer for the redevelopment work who could guide you properly.

Regards,

Advocate Rohit Dalmia

9324538481

Mumbai