As is the case with most renovation contracts, the developer agreed to pay for the members` rental units. In addition, the agreement stated: “The association has a right of guarantee for three apartments and will be released after receiving the professional certificate.” This meant that the developer could not sell three apartments until he obtained the act of occupancy and gave existing members. The transfer of the owner to the co-op is a critical process that must be diligent on both sides. It may take three to five months for the legality of the rebate to be put in place in financial, operational and technical terms. We provide you with a comprehensive guide that will help you understand the whole business from start to finish. The development contract must indicate the general requirements and amenities for housing in the new construction on the association`s grounds. It should have a correct timetable of the property at the end of the agreement, which should indicate the location of the property with the name of the suburb, the final number of the land, the CTS number, the area of the land and the communal number. You may be familiar with some of the certificates listed below, as builders sometimes use them in their marketing and promotion strategies as trusted tools to give credibility to the construction project. At the time of handover, they should first be on your checklist. A detailed agreement with a contractor capable of carrying out renovation work is the best way forward if a contractor does not comply with its obligations, there are legal possibilities. If you are a member of a housing company, you can contact the Registrar of the Housing Corporation, who “has the power to investigate such cases,” Pathak said. “You can also go to a civil court if there are offences, defaults, fraud or fraud,” he added.
Members of the Nalin Housing Corporation filed a complaint against the owner a year ago in a municipal civil court, but made little progress. They filed a complaint with the Bombay High Court earlier this month to terminate the contract. They are now considering approaching the Economic Offence Wing (EOW). As a general rule, projects of all legal documents related to the reclamation are created by the developers` promoters and sent for the approval of the company or owner. Companies, on the other hand, are getting closer to us for the review. We, as management advisors, are well experienced in reviewing and verifying all types of legal documents in the most defined and methodical manner. After careful and thorough examination, we carefully review, scan and test these projects. There was also a delay clause stipulating that the contractor would pay 10,000 per day for each day exceeding the expected day of completion.
Construction began and the new building was built up to six floors AD. That`s when he stopped. In most cases, the developers negotiate the renovation contract with the company`s board of directors. In this case, it is the executive committee`s responsibility to protect the interests of all members and to take all necessary measures to avoid litigation at a later date. The FAR is the ratio between the total area covered and the total area of the land.