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 one.
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 at least 18 months of the rent. You should calculate if the sum given
would be adequate till you come into the refurbished home.
If you are vacating the flat permanently
you would get a larger sum of money from the builder depending on how your property
has been evaluated.You should ensure that the amount is enough for you to buy
another flat after subtracting tax payable.You should request a bank guarantee
in order to prevent you of 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 you ultimately give the keys of your
home to any builder you should ensure that your needs for the future are taken
care of. You should know the way of entering into a redevelopment contract
keeping in mind your 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 present and future legal issues are tackled effectively.He helps to
formulate the documents according to the law.
Before you give the project to any builder
you should examine his track record.Your architect may be able to help you know if the chosen builder has finished his previous projects within the time
promised and has paid the sum as promised in the contract.
An architect will assist you 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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