Typicality Of Redevelopment Arrangement

(a)    Development Agreement

The Society Enters Into A Development Agreement With Developer/Builder Under Which The Builder Is Granted The Right To Reconstruction By Utilizing Wholly, Or In Part, The Available FSI Consisting Of Utilized And Unutilized FSI Of The Society Plot And Additional FSI On Account Of Loading Of TDR-FSI.

(b)   Compensation To The Society/Members

In A Redevelopment Arrangement, There Is Generally An Anxiety Among Members To Derive Maximum Benefit For Themselves Individually Rather Than Strengthening The Financial Condition Of The Society.

The Developer Generally Compensates As Under:

(a)   To The Society-

·         By Payments Of Monetary Consideration To Form The Corpus.

·         By Providing Additional Facilities Such As Covered/Open Car Parking, Club House, Swimming Pool, Flower Beds, Drying Area In Kitchen, Room For Society Office, Security Cabin Etc.

(b)    To The Members-

·         Temporary Alternative Accommodation

·         Compensation For Inconvenience, Funds To Meet Municipal Tax Liability In Future

·         Permanent Alternative Accommodation, Additional Area

·         Compensation For Furnishing

·         Provision Of Household Amenities