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REDEVELOPMENT

REDEVELOPMENT

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REDEVELOPMENT

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  1. REDEVELOPMENT

  2. MAHARASHTRA SOCIETIES WELFARE ASSOCIATIONWEL- COMES YOU Request You to Switch Off or Keep your Mobile on Silent Mode

  3. 2. DOCUMENTS FOR REDEVELOPEMENT TENDER LETTER OF INTEREST APPOINTMENT LETTER MEMORANDUM OF UNDERSTANDING (MOU)

  4. 2. DOCUMENTS FOR REDEVELOPEMENT AGREEMENT (DEVELOPMENT) POWER OF ATTORNEY CONSENT LETTER PERMANENT ALTERNATIVE ACCOMODATION AGREEMENT

  5. 3. DOCUMENT FOR REDEVELOPMENT • Agreement for temporary Accommodation(LL) • Bank Guarantee • Agreement for Permanent Alternative Accommodation (APAA) • Possession Letter in favour of Society and Developers

  6. 3. DOCUMENT FOR REDEVELOPMENT • Construction Completion Certificate for Members/society Building (O.C) • Revocation of Bank Guarantee • Termination of Development Rights, • Re- conveyance in favour of Owner Society.

  7. 4. TENDER • Architect/PMC has to prepare the Draft TENDER Document • Obtain the General Body Approval • Passed the appropriate Resolution • Fixed the date, time, tender money, Security • Must carry the IMP details of Feasibility Report

  8. 4. TENDER • Fixed –benefit in terms of Aare and/or Corpus Fund • Bank Guarantee as per Expected project cost • Benefit/s, Mention the out put of the Property of society Land

  9. 5. LETTER OF INTEND • The Individual and Business details of the interested Builder/Developer • The financial Credibility • The Last TEN/Fifteen year performance in the construction Business • Redevelop project completed, New Building Construction Completed

  10. 5. LETTER OF INTEND • Number of Professional, employees associated with him in the RD • Details of cases pending in court’s • Number of Cheque/s Dishonored during the process of RD • Certificate form Society on completion of RD • Contact Number, Name, Address of References

  11. 6. APPOINTMENT LETTER • Compare the offer/s received from various interested Builder/Developers • Comparative Chart from received offer/s of at list five Builder /Developers • SGM with Video Recording to finalize Best Offer • Appointment of Builder/Developer

  12. 6. APPOINTMENT LETTER • Invite Officer of Deputy Registrar, officer of Interested Builder/Developers. • Letter to Builder on confirmation • Appointment Letter

  13. 7. MEMORANDUM OF UNDERSTANDING • Two / Tri-party Agreement with Society, Members and Developer. • Execute on Stamp paper of Rs. 100/- • Registered under the IRAct,1908 • The Terms and condition with prior approval of GB • Tenor of MOU,

  14. 7. MEMORANDUM OF UNDERSTANDING • Fixed and Cash Benefit as per tender document • Proposed Building Plan • Bank Guarantee Not less than 5 BG • BG without NOC of Society can not be Invoke • Duration for Execution of Development Agreement

  15. 7. MEMORANDUM OF UNDERSTANDING • Period to obtain the statutory permission, IOD, other permission • Plan to be put up with the approval of GB • Verify the Submitted plain from PMC/Architect • No change, amendment in approved plan without prior consent of society GB

  16. 7. MEMORANDUM OF UNDERSTANDING • Restrict from transfer of redevelopment project • Dispute, difference to be settled by Arbitrator clause • Jurisdiction-Mumbai,

  17. 8. DEVELOPMENT AGREEMENT • Two / Tri-party Agreement with Society, Members and Developer. • Pay 5% Stamp duty as per Adjudication by Coll. Of Stamp under the Bombay Stamp Act 1958. • Registered u/s. 17 of the IRAct,1908 • Recital must carry the complete information of the owner and the land descriptions.

  18. 8. DEVELOPMENT AGREEMENT • Details of the property conveyance in favour of society, • Govt. Records in favour of society • The details of basic work done prior to finalizing the developer, • Details of Resolution/s Passed in the AGM,SGM , in which various RD is taken as one of the Agenda.

  19. 8. DEVELOPMENT AGREEMENT • The Terms and condition with prior approval of GB • Details of executed MOU., • Time to time Letter, Document Submitted at Dy. Registrar office

  20. 9. DEVELOPMENT AGREEMENT • Fixed and Cash Benefit as per tendor Document and MOU • Proposed Building Plan • Bank Guarantee • Income Tax and other tax on corpus/ other benefit. • Duration to obtain the statutory permission, IOD, other permission

  21. 9. DEVELOPMENT AGREEMENT • Restrict from transfer of redevelopment project • Dispute, difference to be settled by Arbitrator clause • Jurisdiction-Mumbai, • Plan to be put up with the approval of GB • Verify the Submitted plain from PMC/Architect • Restrictions clause amendment in approved plan

  22. 9. DEVELOPMENT AGREEMENT without prior consent of society GB. • Jurisdiction, Dispute, Possession from member • Begin the Redevelopment on Last person vacating the premises • Rent for delay period,

  23. 9. DEVELOPMENT AGREEMENT • Penalty Clauses for any violation of terms and conditions of RD agreement Reduction in area, quality of construction, and amenities etc.,

  24. 10. DEVELOPMENT AGREEMENT • Any dispute between the society and member should be protected • 100% vacant possession to be handed over on obtaining IOD • TDR,FSI benefit and future FSI,TDR shall be restricted

  25. 10. DEVELOPMENT AGREEMENT • Date of Completion of project i.e 24 month, maximum 36 month • Penalty clause due to Delay in RD project other than natural Calamities • Penalty must be on per day delay other than Bank Guarantee • DA must mentioned the professionals viz.

  26. 10. DEVELOPMENT AGREEMENT • Advocate/ Solicitor, Architect, PMC information and their fees payable by. • Retain Bank Guarantee till the O.C • Retain BG first monsoon of society building • Termination of DA • Conveyance in favour of RD

  27. 11. BANK Guarantee • Nationalized Bank • Not Less then 20% of Cost of Construction • Not Less than Five BG • Any defect in constructed Bldg • Fixed Time Limit to Complete Construction/RD • Invoke as per stage • Retain last BG upto OC and 1st Monsoon

  28. Stamp duty payable on documents of Redevelopment Development Agreement @ 5% Power of Attorney Rs.100/- M.O.U Rs.100/- Consent Rs.100/- Withdrawal of Consent Rs. 100/- Alternative Accommodation@5% for additional and extra area and const cost for old area.

  29. PRAMOD KUMAR & ASSOCIATIONA/28, 2ND FLOOR, DATTANI CENTRE, ABOVE SANDEEP HOTELOPP. KANDIVALI RLY STAN. (EAST), Mumbai – 400 101 PresentedBy : PRAMOD KUMAR VACHHETA Advocate High Court, Mumbai Mobile No. 9224768008Tel Nos : 022-28861466/99