Results for #redevelopment
Legal
#flat#agreements#paid#registration#redevelopment
I purchased a flat and I am the sixth party in the scenario. All the other five agreements are in place out of which the third party has not paid the stamp duty, but he has donet he registration. Will this affect me in the future with regards to the sale or redevelopment. Do I have to pay the stamp duty?
I purchased a flat and I am the sixth party in the scenario. All the other five agreements are in place out of which the third party has not paid the stamp duty, but he has donet he registration. Will this affect me in the future with regards to the sale or redevelopment. Do I have to pay the stamp duty?
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Dhiren Shah,Advocate & Solicitor
291 Answered
Answered on November 08, 2017
Question is vague, registration would not have happened if stamp duty was unpaid on the document in question.
Regulations
#society#process#redevelopment#builder#provide
Our society is currently in the process of going for redevelopment. Does the builder need to provide entire 35% fungible FSI to us or they can use it for their sale?
Our society is currently in the process of going for redevelopment. Does the builder need to provide entire 35% fungible FSI to us or they can use it for their sale?
Answered on November 08, 2017
As per Regulation the Fungible for Rehab isFree to the extent of 35% of their existing area and canot be used for Sale. However Legally areas can be sold and a way be deviced to do so
Legal
#society#redevelopment#developer#society#bring
Our society will soon be undergoing redevelopment, for which we have appointed a developer. Society needs to conduct an EGM in order to bring forward the essential updates in front of the society members. I have been sending written letter to the Chairman of our society requesting him to conduct the EGM meeting at the earliest. Even after sending him 3 letter dated 8.12.2012, 15.12.2012 and 22.12.2012 he has not conducted the meeting yet. We have decided to write to the registrar regarding the same. Kindly advice the course of action for the same.
Our society will soon be undergoing redevelopment, for which we have appointed a developer. Society needs to conduct an EGM in order to bring forward the essential updates in front of the society members. I have been sending written letter to the Chairman of our society requesting him to conduct the EGM meeting at the earliest. Even after sending him 3 letter dated 8.12.2012, 15.12.2012 and 22.12.2012 he has not conducted the meeting yet. We have decided to write to the registrar regarding the same. Kindly advice the course of action for the same.
Dhiren Shah,Advocate & Solicitor
291 Answered
Answered on November 08, 2017
You can complaint to the Registrar of Co-operative Societies for the failure of your society's managing committee to conduct EGM of 1/4th of the total number of members of your society and can make a requisition in writing to the societies managing commitee to call for such EGM, failing which the members themselves shall be entitled to call for such meeting.
Redevelopment
#redevelop#society#landowner#consent
We are planning to redevelop our society, but it is built on a leasehold plot. In this situation, would we require the consent of the landowner to undertake redevelopment?
We are planning to redevelop our society, but it is built on a leasehold plot. In this situation, would we require the consent of the landowner to undertake redevelopment?
Answered on November 08, 2017
You have to check the lease document, whether any such conditions are mentioned requiring consent of the owner in case of the redevelopment. sometimes the lease is executed in favour of the society for 99 or 999 years with complete right of the redevelopment.
Redevelopment
#parking#builder
If someone who has illegally encroached unsold parking areas, basements or terraces and demands to be compensated through a free space during a redevelopment, how does a builder tackle this situation?
If someone who has illegally encroached unsold parking areas, basements or terraces and demands to be compensated through a free space during a redevelopment, how does a builder tackle this situation?
Answered on November 08, 2017
As this is illegal, we do not entertain such encroachers. However, if they are adamant and they try disrupt the redevelopment, a developer may offer them some area or other consideration on account of the society. It is advisable to tackle this situation internally before going for redevelopment.
RERA
#redevelopment#maha
What happens to a redevelopment project which has been abandoned. Will it come under Maha RERA?
What happens to a redevelopment project which has been abandoned. Will it come under Maha RERA?
Aahwaana Ramesh
40 Answered
Answered on November 08, 2017
An abandoned project having Commencement Certificate and not having Occupation/Completion Certificate is required to be registered under MAHA RERA or RERA. If the project is abandoned and the promoter does not apply for registration, in such case alottee/s can approach RERA authority. In case the project is abandoned prior to the stage of Commencement Certificate, it will not come under RERA as...
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RERA
#society#developer#redevelopment#registered#maha
Should a society while selecting developer for redevelopment see if the developer is registered with Maha RERA?
Should a society while selecting developer for redevelopment see if the developer is registered with Maha RERA?
Aahwaana Ramesh
40 Answered
Answered on November 08, 2017
Society can only check whether the Developer's past or current projects were/are registered with RERA. RERA registrations are project specific not Developer specific.
Redevelopment
#rent#tenants#society
Is there any way to estimate the rent that will be provided to the existing tenants of a society under redevelopment for the period of redevelopment? Does there need to be a minimum corpus?
Is there any way to estimate the rent that will be provided to the existing tenants of a society under redevelopment for the period of redevelopment? Does there need to be a minimum corpus?
Answered on November 08, 2017
One has to inquire with real estate brokers in his area to know prevailing rent and can also be ascertained by visiting few flats avavilable on rent in the near by area. Amount of the corpus will depend upon feasibility of the project and it is usually created to cover cost of maintenance of the new premises offered to the existing member.
Redevelopment
#builder#refuses#fsi#owners#vacate
If a builder refuses to load the entire FSI on the redevelopment project before the existing owners vacate, can this be detrimental to owners' interests? Is this a common practice for such projects?
If a builder refuses to load the entire FSI on the redevelopment project before the existing owners vacate, can this be detrimental to owners' interests? Is this a common practice for such projects?
Answered on November 08, 2017
Normally builders do not load entire FSI initially. It requires huge cash flow depending upon the location of the redevelopment property as premium charges payable to the MCGM are in direct proportion to the Ready Reckoner rates of the zone in which property is located & TDR rates are influenced by demand and supply. so by loading entire FSI finance cost of the project is going to increase and ...
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Legal
#flat#redevelopment#letter#builder#allotted
I purchased a flat which was in a redevelopment project, for which I have an allottment letter from the builder. Before redevelopment, the existing building had 144 flats, and the redeveloped building is supposed to have 450 flats. Apart from the flats which have to be allotted to the existing tenants, the builder has sold about 80-90 flats. Now, he has stopped construction citing lack of funds. In this case, if the society (that owns the land) changes the builder on this project, will I still get the flat I have been allotted?
I purchased a flat which was in a redevelopment project, for which I have an allottment letter from the builder. Before redevelopment, the existing building had 144 flats, and the redeveloped building is supposed to have 450 flats. Apart from the flats which have to be allotted to the existing tenants, the builder has sold about 80-90 flats. Now, he has stopped construction citing lack of funds. In this case, if the society (that owns the land) changes the builder on this project, will I still get the flat I have been allotted?
Dhiren Shah,Advocate & Solicitor
291 Answered
Answered on November 08, 2017
As per the law laid down by the Supreme Court, on change of a developer in view of termination of the development rights granted to the old developer, the purchasers from such old developer would not have any claims in respect of the flats against the Society and the New Developer. You can however claim refund of monies with interest from the Old Developer. The above would however be subject to...
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