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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