Development
Agreement with Developer
The managing committee of the
society, on passing of the resolution of appointment of developers at the
Special General Meeting shall execute the development Agreement within one
month of date of the said resolution, with the selected developer on the basis
of terms and conditions approved by the members in the Special General Meeting
under the consultation and guidance of the Architect/Project Management
consultant. The Development Agreement shall contain other terms as under in
addition to the terms and conditions recommended by the Architect, Project
Management consultant(PMC) and the approved Special General Meeting.
- Redevelopment of the
building shall be completed within two years and not later. In particular
circumstances it may take longer but shall not exceed 3 years.
- The Developer shall
provide a Bank Guarantor of 20% of the total cost of the redevelopment
Project.
- The Developer shall make
provision for temporary alternate accommodation in the same area for the
members who will be vacating the premises or shall make provision for
monthly rental plus deposit to be paid to all the members of the society
if they so agree or shall make provision for temporary alternative
accommodation in the Transit Camp.
- Development agreement
shall be registered under the Registration Act, 1908.
- New members, on
completion of the project shall be admitted in the Special General
Meeting. As members of the society.
- Agreement must specify
the carpet area to be given.
- Rights to the redeveloped
building of the society given to the builder are not transferable.
- Flat owners shall vacate
the premises only after obtaining all legal documents and permission of
the competent Authority for redevelopment of building.
- In case of one who is in
possession of flat/premises and who is owner of the same, his right of
ownership shall not be disturbed.
- If there arises any
dispute in the redevelopment of building agreement executed by the
developer, Architect and society, it shall be resolved under the
provisions of Section 91 of Maharashtra Co-operative Societies Act, 1960
and such provision shall be made in the development agreement.
Allotment
of flats in new building
Allotment
of the flats shall be given in the new building in the same manner in which the
original flats were i.e. the floor; the location shall be allotted after the
receipt of occupation certificate. If it is necessary to flats by a lot system,
it shall be allotted accordingly but only after completion of building which is
ready for occupation and members are ready and willing to occupy their
premises. Allotment shall be done in the presence of an authorized officer of
the Register. The developer shall make arrangement for video recording of the
same.
Sanction
plan of new building
Sanction plans shall be obtained from the Municipal Corporation or Competent
Authority who has the right to sanction the plans and shall be put before the
special General Meeting. If any member wants to have any certified document, he
shall make an application and shall also pay the requisite amount for a copy of
the document to the secretary of the society; the Committee shall be
responsible for providing required information to the members.
New
members, Funds Etc.
Additional members who have
purchased new units in the redeveloped building/s should be made new members in
the existing society. The Registrar concerned is to be informed (as soon as the
development agreement is signed) of likely new members as soon as all the formalities
are completed. The co-operative department should be given the full membership
list with particulars.
New Share Certificates should be issued to the incoming members. The additional
area and revised flat area should be accurately incorporated in the existing
records of the society.
Funds
of the Society
The existing sinking fund
belongs to the old members as Sinking Fund Certificates have been issued to
them. Other Funds can be mutually agreed upon and distributed or equivalent
contribution as one-time payment can be obtained from new members so that
equality is maintained.
Aasha Realtors Neeta Shah |
Office :- 022 - 2895
32 32 / 022 - 2894 87 47 / 022 -
28906363
Mobile :-Neeta-
9821411063
Skype Id :-
neeta.shah30
Email: neeta@aasharealtors.co.in
Shop No. 2 & 10 ,
Shailesh Apartments, Borivali West, Mumbai – 400103, India
|
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