Various Documents and Agreements to be Prepared in the Process of Redevelopment in Consultation with the Legal Consultant Approved by The society for the Entire Process.

·         Memorandum of understanding between the Society and the Developer

      The first document is the formal agreement or Memorandum of Understanding between the Society and the Developer. This must be executed on a stamp

      Paper of Rs.200. All other formalities, agreement and documents will follow smoothly

·         Development Agreement

      This is a detailed agreement to be entered into between the Society and the Developer. This agreement is to be registered after payment of 1% stamp duty on

      The market value of the property and after payment of registration fees at 1% of Market value or Rs.30,000 whichever is lower.

·         General Power of Attorney

      Every developer will need a General Power of Attorney to carry out the various duties and also to liaison with various departments for necessary permission .

      This is to be executed on stamp paper of Rs.200 by the Chairman, Secretary and Treasurer.

·         Indemnity Bond by Developer

      An indemnity bond is to be executed by the Developer in favour of the society stating that all the works will be done by the Developer as per the development

      Agreement. They will complete all the formalities within the framework of the laws applicable. The developer further undertakes that he will not exceed the power vested in him and will fully indemnify   

       the Society for any wrong on his part.

·         Bank Guarantee by the Developer

      The Developer furnishes the Bank Guarantee gives for performing all the acts as per the development agreement and within the time stipulated therein. If the Developer fails, the bank will compensate the

       society as per the Guarantee given by the bank on behalf of the Developer.

·         Power of Attorney by the Society for sale of Flats

    In the process of redevelopment the extra/additional flats/commercial units are to be sold by the Developers. For this purpose, the Society his to execute a power of attorney in favour of the Developer.

·         Agreement of allotment a flat of the same area

     This agreement is entered into by the Developer with every individual member for allotment of a new fiat having the same area. It contains details of the flat and other consideration like corpus fund etc.

·         Agreement a allotment of a flat with the additional area

      This agreement is entered into by the developer with every individual member for allotment of the new flat with additional area giving details of the flat and other consideration like corpus fund etc.

·         Ownership agreement of sale

      The ownership agreement for sale must be drawn up in respect of additional flats which are to be sold by the Developer to new, incoming members.