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Deposit system flat under redevelopment

(Querist) 22 November 2014 This query is : Resolved 
Hello Everyone,

We possess another flat of Deposit sytem of 560 sq.ft carpet area and going under redevelopment.so the developer will provide the new area as buildup or carpet?
Residing since 25 years.
Building is situated in Dombivli

I assume that we don't have to pay any construction cost to developer.If he ask for construction cost will it be as per market rate or any discounted rate.

How much area he will give us.

If we want 50-100 sqt more area at what rate he can demand from us?

Also, could you provide me any further information on procedure for redevelopment under Deposit system.?

How the deposit system is different from pagadi system?

Regards,
Chirag
ajay sethi (Expert) 22 November 2014
what you mean by deposit system please elucidate . if members consent for redevelopment no money is to be paid to builder . you will get additional are as per agreement signed flat owners with builder
Rajendra K Goyal (Expert) 22 November 2014

Also, could you provide me any further information on procedure for redevelopment under Deposit system.?

-- Refer the agreement executed with the builder.

How the deposit system is different from pagadi system?


___ Academic query.
Devajyoti Barman (Expert) 22 November 2014
agree with experts.
Chirag Trivedi (Querist) 23 November 2014
Hello Everybody,

Deposit system flat mean at the time of purchase the owner take some deposit from flat purchaser and every month it get deducted from the deposit given.so in short we are not the owner of the house whereas in case of pagadi system flat we are 50 per cent owner of the flat and at the time of purchase the owner takes the 3 months rent at the same time and when we sell such flat we get our money back and the profit get distributed 50:50 percent to the owner and the purchaser.
Raj Kumar Makkad (Expert) 23 November 2014
It shall be better for you to avail the services of a building engineer/civil engineer of Mumbai.


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