RESIDENTS’ RIGHTS VS DEVELOPERS’ RIGHTS IN A REDEVELOPMENT PROJECT

There are two important things in a resident developer arrangement. One is the commercial angle and another is the technical angle. A developer usually assures a certain amount of cash, an additional area or a mix of both. He may give an alternative accommodation for your temporary stay, foot your rentals or give you a monthly compensation, within which you have to find your temporary accommodation.
“Before you negotiate with a developer, you need to establish the market value of the property you will receive on completion of redevelopment. This is a better approach than quoting a random figure to the builder that would make them feel shortchanged or the high amount would make the builder shy on the new project,” says Ashutosh Limaye, associate director (strategic consulting), Jones Lang LaSalle Meghraj. “Once the builder gives a detailed plan, the society members should consult real estate consultants and the developer about the likely future price. Based on this, the society members have to do some calculations to check on the commercial gains,” Mr Limaye adds.
The technical angle refers to the finished good. Does it match the quality and terms and conditions assured by the builder? In fact, at the agreement stage itself, the society residents should appoint a lawyer to draft and finalise the agreement. “It usually takes a year for a builder to convince the society members and take an in-principle approval. But society members should ensure the timely completion of the project, which is the most important detail to be mentioned in the agreement,” says Sanjeet D Narain. The technical angle refers to the finished good. It should meet specifications and quality as mentioned in the agreement.
Courtesy By: The Economic Times Dtd: July 6, 2010
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