Redevelopment

JAYESH CHOKSI (Querist) 10 January 2021 This query is : Resolved
Sir,
Our housing society has entered in to redevelopment agreement in Dec 2014 with a developer and it was registered in April 2015. It is located in Borivali Mumbai.
The work has never been started till date during these six years on one or other excuse by developer.
Now the secretary has intimated that developer is going to apply for IOD and after executing Individual agreement we are asked to be ready for vacating in March 2021.
My query .is on the following points.
The original redevelopment agreement executed in Dec 2014 provides for monthly rent of Rs 20000 pm
However the rent has risen substantially during these 6 years and prevailing rent is in the range of 24000 TO 25000.
The society and developer is not considering it . What can I do in this matter as majority members have no problem with it.
Secondly The Original Redevelopment Agreement provides for Bank guarantee of Rs 15.30 crs by developer.
However the developer and society waived the entire bank guarantee and taken consent of majority members and executed the supplementary development agreement and waived it.

How can I protect my interest is he defaults in payment of rent or work stopped later on particularly the project is a big one of 200 CRS APPROX.
I request the learned members to guide me on these two points how can I protect my interest .
Regards
Jayesh Choksi

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Quick Summary

A Mumbai housing society member is seeking advice regarding a redevelopment agreement signed in 2014. The developer has delayed the project for six years. The member is concerned that the agreed-upon monthly rent of Rs 20,000 hasn't increased despite market rates rising, and that a significant bank guarantee was waived through a supplementary agreement. They are worried about protecting their interests if the developer defaults and are looking for guidance on how to address these issues, especially as the majority of members seem agreeable to the current terms.

Guest (Expert) 11 January 2021
The Agreement with the Builder should be made very perfectly mentioning all the clauses related to Finance and Time Period etc.. Lawyer and BJP Leader Mr.Ashwinikumar Upadhyay has said the Model Documents should be drafted in such a way that they Comply with the Spirit of the Real Estate-- Regulation and Development Act 2016 --RERA--and Articles 14, 15 and 21 of the Constitution. Discuss with an Local Very Senior Advocate.

SHIRISH PAWAR, 7738990900 (Expert) 11 January 2021
Hello,

As per your query majority of members have no problem with it. So try to discuss the issue with other members to further discuss and negotiate with the builder. Otherwise, you will have to challenge the agreement before a civil court.

Rajendra K Goyal (Expert) 12 January 2021
It seems the Society and the developer have hands in gloves at the cost of members.

It is serious that the Bank Guarantee is waived through supplementary agreement.

Discuss with local Advocate and challenge the approach.

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