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.
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