Things Every Society Member Should Know Before Approving a Redevelopment Proposal.

Signing off on a redevelopment proposal can shape your living experience for decades. While the idea of modern flats, better amenities, and higher property values is exciting, there are several legal and practical details society members must understand before giving the green light.

1. Understanding the Developer’s Offer

Not all redevelopment deals are created equal. Review:

• Carpet area offered in the new flat

• Rental compensation during construction

• Timeline for possession

• One-time corpus or relocation support

• Amenities offered and parking allotment

Always compare offers from multiple developers before finalizing.

2. Check the Developer's Credentials

• Past project delivery timelines

• RERA registration status

• Financial standing

• Customer reviews and builder reputation

3. Legal Documentation is Crucial

Insist on:

• Development agreement (registered)

• Power of Attorney (specific and limited)

• Bank guarantee for project completion

• Escrow account usage for transparency

Engage a neutral legal expert to guide the society on all paperwork.

4. Project Timeline and Exit Clauses

Construction delays are common. Ensure that:

• Delivery timelines are clearly defined

• There’s a penalty clause for delays

• An exit option exists in case of violations

5. Role of the Society Redevelopment Committee

This committee acts as the voice of the residents. It should be:

• Transparent and neutral

• In regular touch with legal and technical advisors

• Sharing updates regularly with all members

Final Thoughts

Approving a redevelopment proposal is a collective decision that demands clarity, caution, and community involvement. Ask questions, demand answers, and only then proceed.

Have questions about your society’s redevelopment plan? Share them in the comments or reach out to our team for expert help. We’re here to make the journey smoother.