Redevelopment of a building
minsal
(Querist) 10 September 2012
This query is : Resolved
Sir,
in a building, except one flat owner, all the residential and commercial premises holder are agreed for the proposal of redevelopment of building submitted by a builder(Who is residing in the same building). The said flat owner agreed with all the terms and condition except one that the builder said that he will not furnish any bank guarantee to the society. except said one member all other members are agreed with this term but the builder said that without consent of all members he will not start the project. and he also does not want to move before the court of law.
Why builder saying so? is it compulsory for the builder to provide a bank guarantee for redevelopment of a building?
Thanks in advance.
ajay sethi
(Expert) 10 September 2012
it is in interest of society that builder provide bank gaurantee . if fir instance builer fails to complete project within reasoanable time provided under the contract then bank guarntewe can be encashed by society . or if builder commits breach of terms of contract BG can be encashed .
please note that consent of majority of members are required for redevlopment of building . it is not necessary that 100%members should agree . but in this case dissenting member has a vlaid point which is interest of the society
