20 members of Housing Society have made Development Agreement with Builder/Developer before RERA Act enforced. It is expected that all members should vacate flats and handover to Builder.Only 18 members have vacated the flats. Flat of one member is mortgaged to private bank for personal loan and now Bank is ready to give NOC to Builder for change of security i.e. proposed flat to be alloted to this member after signing necessary documents of the Bank by Builder , Society and member and submission of sanctioned plan of flat by corporation.  This member will vacate the flat after NOC is given by the Bank. Second member promised to vacate the flat when sanctioned plan is received. Builder is unable to demolish building for reconstruction unless all flats are received in his possession. Builder has given provisional plan to members , society to approve the plan and allotment of flat numbers. Builder will construct 30 flats in 7 floors. He requires to purchase premium FSI from Corporation but he is helpless as rate of additional FSI is not announced by the Government.

In first phase, Builder proposed to get 4 floor plan sanction i.e. 1 : !.1 allowable free FSI on plot and start construction as per plan sanctioned and will purchase additional FSI when FSI rates are announced at later date. Builder wants to demolish present building so he is in hurry to get vacated flats. About 2/3rd members will get alloted flats upto 4th slab and remaining will get flats in 5th, 6th and 7th floor which will be sanctioned in second phase. 

Question 1: Will Corporation and RERA authority will sanction plan and give permission to project and its execution allowing to accommodate partial members in first phase and remaining members in second phase or will RERA insist Builder to wait  till Premium FSI is purchased for accommodating all th members at a time.

Question 2: Member who requires NOC from Bank as stated above desire allotment of flat on 7th floor. Bank requires sanctioned plan where member is alloted flat to change the security / mortgage charge for issuing NOC. As 5 to 7 floors plan will be sanctioned on later date,Society has requested me that for time being my alloted flat on 4th floor will be given to Bank for purpose of getting NOC and Builder will exchange flat after completion of 7th floor construction between member and me. I do not want flat on 7th floor whereas this member requires flat at 7th floor. Society , builder and member are ready to sign agreement for this purpose. What are the pros and cons and challenge if I agree and sign the agreement and help Society and Builder to get NOC of Bank to start execution of project.

Question 3: In above case, Bank will substitute charge on flat as security to loan of member which means Bank will be owner of flat alloted to me on 4th floor and documents will show that this member will be owner of flat which should be alloted to me. Can Builder, Society and member exchange the flat to me which is Bank's Security. If I want to get back alloted flat on 4th floor, will it be necessry to transfer by agreement of sale under Transfer of Property Act after construction of 7th floor.. What documents I should demand today from Builder, Society, member and Bank so that I should get my alloted flat on 4th floor back. What documents I will have to get when flat of member on 7th floor is ready and shift ownership between us.