Redevelopment of residential property

Devadas (Querist) 19 August 2018 This query is : Resolved
If bank guarante from the developer is not taken by the society members what could be the possible implications the society members?

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P. Venu

(Expert) 20 August 2018
What are the facts? What is the real issue, if any?

Hemant Agarwal (Expert) 20 August 2018
1. Bank Guarantee (10-20% of the project cost) is usually taken from the Builder /Developer, to safe guard the Society, in the event the Builder commits any default on the Redevelopment terms (delay, no OC, inferior construction, illegal additions, ....)

2. IF the Builder is unable to give Bank Guarantee, THEN it usually means that the Builder is financiall unfit for the Project.

Keep Smiling .... Hemant Agarwal
VISIT: www.chshelpforum.com

Dr J C Vashista (Expert) 21 August 2018
What are the terms and conditions of "Tender" document agreed by the builder, show it to a local prudent lawyer for appreciation of facts, analyse and guidance.

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