Redevelopment Development Agreement Highlights
The Development Agreement should be properly stamped and registered as an unstamped and unregistered document is not enforceable in law.
Every detail pertaining to the construction specifications, construction and material, amenities should be specified in the redevelopment pact. Anything that is vague will work against the interest of Society members.
The Development Agreement should have a provision of arbitration.
TDR should be loaded in the name of Society before vacating of the premises but after execution of the Development Agreement and consent of all members in respect of the Development Agreement and the proposed plans. It is one of the steps to safeguard interests of the Society. Stamp duty provisions relating to TDR transactions need to be complied with.
The Society should appoint an architect or engineer for the verification of their carpet area and supervise the quality of construction, amenities promised by Developer of the proposed building. The architect should physically verify the area once the typical floor slab is casted.
The approved plans should be submitted to the Society within specific period after approval and to the architect to verify periodically that the construction activities are carried out as per the approved plans
No Amendments of plans without the consent of society members
Additional Carpet area excluding Door jambs , no. of Parking (open/covered) , Rent to be paid till O.C