Points to remember for success of Redevelopment of housing society
Beware of dicey offers , The proposal received from the Developers should commensurate with the
potential of the Plot taken for redevelopment as per PMC/Architect’s project report.
Many projects suffer later after getting finalized, the Builder should be strictly chosen on the basis of his Financial
Capacity and Track Record and not on the basis of the highest offer received, builder's integrity is most important.
Selection of a developer should be done as per the 79(a) guidelines , through Tendering only, Tenders received should be
objectively evaluated by an experienced Architect of PMC appointed by the Society.
Members involvement is most important in redevelopment projects , All the members of the Society should give their irrevocable Consents to avoid
disputes later.
Avoid ambiguous offers of developers , Complete details of the offers made by the Developer should be clearly
understood by all the members of the Society and there should be transparency
in the dealings.
More members should be involved in the entire process of redevelopment by forming redevelopment committee. Redevelopment Committee should be formed from among the other members
of the Society by including two or three members from the Managing Committee to
oversee the entire Redevelopment process to ensure that complete transparency
is maintained by the Managing Committee of the Society.
competent lawyer/solicitor should be independent entity appointed by society and not a developer. All Agreements / Documents should be got scrutinized by a competent
Advocate appointed by the Society to ensure that there is no lacuna.
Society must protect their interest by asking for irrevocable Bank Guarantee for the total cost of the Redevelopment Project should be
obtained from the Developer covering the full period of construction.
Development agreement should be meticulously drafted by society, Penalty Clause should be inserted in the Redevelopment Agreement to
ensure proper implementation of the Project by the Developer.
Regular joint meetings should happen with PMC's Architect and developer, the Managing Committee and the Redevelopment Committee members should conduct
regular inspection when the construction is in process to ensure that there are
no deviations from the plans / offers.
