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Tips for home buyers interested in redevelopment properties
  • June 28, 2022
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Tips for home buyers interested in redevelopment properties

We provide a list of legal advice for purchasers in real estate transactions involving properties involved in renovation projects.

Due to the legal difficulties surrounding the term, most homeowners don’t really investigate “redevelopment.” Redevelopment is the term used to describe renovating an existing structure. Due to the numerous steps and requirements, it can be a lengthy procedure. One must exercise caution when purchasing a condo as part of a renovation project in the current day.

One should comprehend redevelopment before engaging in any transactions involving properties that are undergoing it.

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Redevelopment is the process of demolishing an existing structure or older building in order to rebuild or construct a residential area. Developers take on the responsibility of building a new structure to rehouse the current owners of the flats when a society requires extensive repairs, has dilapidated structures, and buildings on the verge of collapse but is unable to take necessary measures or does not have the required funds for maintenance. In exchange, developers build more floors and other facilities using the untapped development potential to recoup their costs and make a profit. The new building is being built in accordance with the guidelines set forth by the housing and municipal authorities.

The existing owners of the apartments experience inconvenience since they must relocate while the rehabilitation is underway because it necessitates the demolition of the old structure. The proposed new building will determine when it will be finished. However, with a lengthy grace period of six months, the majority of projects take roughly 36 months to complete.

 

Role of the developer

In many redevelopment initiatives, the developer is in charge of finding replacement housing for the current occupants (transit housing) or paying rental compensation (transit rent). The developer is providing these amenities throughout the reconstruction phase. The redevelopment agreement, which is signed by the developer and the current members of the society, contains all the terms and conditions.

Keep these legal advices in mind when carrying out a real estate transaction for properties included in a renovation project.

 

Due diligence

Verifying who owns the land and who has the authority to develop it requires and should be done with due diligence. The redevelopment process may be impacted by any and all claims to the land and any associated development rights. With careful due study, constraints’ nature can be predicted.

 

Selecting the developer

Only after the proper procedure has been followed can the developer be associated with. To make sure that the procedures outlined in Section 79A of the Maharashtra Co-operative Societies Act 1960 (or its equivalent in your state) have been followed, one should review the resolutions of meetings adopted by the society administration.

 

Litigation search

This basically refers to any ongoing disputes between society members and outside parties (such as authorities or buyers). Conflicts between developers and community members can occasionally waste time in court proceedings and delay the completion of projects.

 

RERA compliance

The RERA Act of 2016 must apply to the project. Buyers should validate that the project timetables and specifics are promptly and accurately updated on the RERA website.

 

Background of the developer

Before engaging, the developer should be well investigated and understood. The ability to pay must be assumed because it is crucial to the success of completion.

 

A record of the intended purchases

Allotment letters, sale deeds, and letters of possession are properly executed in conjunction with the developer. All explanations and clauses must be meticulously documented. The required stamp duty must be paid on the agreement for sale before it can be registered with the sub registrar’s office.

 

A home purchase is not a simple choice. Therefore, when making purchases from developers, purchasers must be knowledgeable and efficient. It has been shown that customers have either been misled or made to wait for lengthy periods of time. We firmly advise that the legal advice described above be given importance when buying a home in order to inform and protect individuals from such situations.

 

 

 

 

 

 

 

 

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Disclaimer: The views of this expressed above are for informational purposes only based on the industry reports & related news stories. Navimumbaihouses.com does not guarantee the accuracy of this article, completeness, or reliability of the information & shall not be held responsible for any action taken based on the published information.
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