Who will not jump at a
deal in which the Builder offers Residents of old buildings a good amount to
get a refurbished flat with additional space?
This is what has been happening recently. Not only does the
flat Seller receive the cash but, he gets a monthly rent for his temporary
accommodation also. When the new property is prepared he gets a refurbished,
newly built flat in place of his old done.
This is done by Builders for the purpose of redeveloping the
property and adding extra floors to a certain building. By selling the extra
flats they earn revenue.
Depending on whether the Resident is requested to move
temporarily or permanently the Builder will pay the money to the present Residents.
For a temporary shift the Builder will give money for the other accommodation
till reconstruction is complete. Builders sometimes also give post-dated
cheques. These should be accepted only if the money paid in advance is enough
for atleast 18 months of the rent. One should calculate, if the sum given would
be adequate till they come into the refurbished home.
If they are vacating the flat permanently they would get a
larger sum of money from the Builder depending on how your property has been
evaluated. They should ensure that the amount is enough for them to buy another
flat after subtracting tax payable. One should request a Bank guarantee in
order to prevent them being defrauded. The Builder deposits this amount with
the Bank that would be given to a Resident, if the Builder does not finish the
project within the time promised. However, a Builder cannot redevelop a
building or a society if 100% of the families residing therein do not agree for
it.
Before one ultimately gives the keys of their home to any Builder
they should ensure that their needs for the future are taken care of. They should
know the way of entering into a redevelopment contract keeping in mind their
needs. In these deals the Resident has to decide the terms and conditions.
Therefore, the flat Owners or a Housing Society, need the services of a Professional
Lawyer and Architect to guide them. The Lawyer would make sure that the present
and future legal issues are tackled effectively. He helps to formulate the
documents according to the Law.
Before one gives the project to any Builder they should
examine his track record, their Architect may be able to help you know if the
chosen Builder has finished his previous projects within the time promised in
the contract.
An Architect will assist them in knowing the worth of the
property upon its valuation. This is a significant factor in deciding the
amount offered by the Builder. In the later reconstruction time the Architect
would be a watchdog to make sure that sub-standard materials are not used by the
Builder for construction.
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