• Property card
• Registration Certificate
• An original building plan
• A lease deed/sale deed/conveyance deed
• A copy of resolution
• An agreement to sale
• Index II & share certificate
• A title certificate
• NA (non-agricultural) order
• Completion Certificate
• Resolution of the society

Corpus Fund, Additional TDR, FSI available, Feasibility of the project, Bank guarantee, Terms and clauses of Development agreement, Power of Attorney, MOU,  tenure of the project, Betterment charges, Sifting charges, etc. all such factors must be taken into consideration during the process of Redevelopment.

A. ADDITIONAL TDR

The society must ensure that the builder buys the additional TDR and load it on the society. This must be done before the society members vacate the flats as once, they have vacated the flats, the developer may not be able to provide the extra area.

B. BANK GUARANTEE

The builder ought to provide a bank guarantee of the total project RCC cost. This will serve as monetary compensation in the assurance that the project is not stopped midway or delayed. But, instead of a bank guarantee, society must demand the entire cost of RCC to be borne in advance in an escrow account with the society. This ensures greater financial security and serves as a safer option than relying on a bank.

C. SECURITY DEPOSITS

The developer shall provide security deposits to the society members which must be equivalent to the redevelopment cost. 

D. CORPUS FUND

Corpus fund is the capital that is kept aside for the working and maintenance of the housing Society. During redevelopment, the corpus fund is paid by the developer as consideration to the society (for existing as well as new members). Society must ensure that the clause of corpus fund has been clearly mentioned in the agreement.  

E. TENURE

Time is the essence of the contract. The Agreement must clearly mention the time period of the redevelopment project. The project must be completed within the time period unless the project is delayed on account of–

1. Force Majeure scenarios / situations such as War, Civil Commotion, Outbreak of Pandemic or ACT OF GOD like Floods, Earthquake, Draught, Lock Down imposed by the Union / State Government / Civic Authorities, Curfew declared by the government
2. Any notice, order, rules, notification of Government and/or other public or Competent Authority, or any disputes or matters relating to the property pending final determination by the courts or any other authority.
3. Changes in any rules, regulations and bye-laws of various statutory bodies and authorities from time to time then affecting the development of the project.
4. Any obstruction caused by any member of the society and / or any obstruction caused due to legal claims, title, dues against the property of the society

After completion of the project, the Developer shall handover the peaceful possession.

F. ALTERNATE ACCOMODATION

The Developer shall provide monthly compensation to each member till possession of the project

G. SHIFTING CHARGES AND BETTERMENT CHARGES

A Shifting Allowance is paid by the Developer which is towards to & for charges of shifting of household material of each member from the existing flat to rented accommodation and from rented accommodation back to the newly constructed flat.

This betterment fund is provided toward inconvenience / loss of fixed furniture etc. that may have caused due to redevelopment and / or security deposit towards rental accommodation

H. TERMS AND CONDITIONS OF AGREEMENTS

The terms and conditions of the agreements must be drafted carefully with the help of an advocate. The agreement must mention the carpet area, offered area, consideration to be provided, time period for completion of the project, bank guarantee, security deposit, penalty clauses in case of delay or default by the developer or any of the society members etc. The society should ensure that developer has fulfilled their demand and abides by the terms of the contracts. The agreement should be inclusive of the clause that the society must not suffer in case if there is financial loss to the builder.

I. ESSENTIAL DOCUMENTS

The Society must have following documents while going for redevelopment 

• Property card
• Registration Certificate
• An original building plan
• A lease deed/sale deed/conveyance deed
• A copy of resolution
• An agreement to sale
• Index II & share certificate
• A title certificate
• NA (non-agricultural) order
• Completion Certificate
• Resolution of the society