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Nitty-gritties Of Redevelopment Properties
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In bigger cities like Mumbai, Bangalore, Delhi, redevelopment properties are good options if you want to book your home in the older but prime localities. However, there are certain facts that you need to know and also some to take care of in case you are considering a plunge with the redevelopment properties.
Redevelopment projects are done by acquiring and reconstructing dilapidated buildings which are on the verge of collapse. The builders acquire the areas by offering incentives to the owners in form of well-constructed flats, amenities and money as well. According to the experts, a structure of more than 25 years old gets merely 4 to 5 years extension of life upon repairing. Also many buildings of that age or more are dilapidated to a condition that they require huge amount of money for repair. In such a situation, redevelopment is advantageous.
In case you are looking forward to book a redevelopment property make sure that you are crystal clear with the paper works. Ask for the intimation of disapproval (IOD) and a commencement certificate from the developer. Also check out if the property is mortgaged and clear out with banks or HFCs in that case regarding your ownership. However, there are several stages when you can enter a deal regarding redevelopment property. Go through the given scenarios and know well you responsibility such that you steer out clear of a deal regarding redevelopment property.
When you are making mind to invest in a housing society that are in talks with developers for redevelopment but there are no solid paperworks in place as of now. In such a stage, transaction is no different from buying a resale property. However, you must know in details the stage at which the discussion is with developers and what are the considerable clauses they are minding to put in.
When you are buying a property that has already been scheduled for redevelopment but the building is not yet demolished. In such case, three parties get involved at once. The buyer, seller and the developer. The buying process and change of ownership should be done keeping the concerned developer in loop. You can take the possession at once and vacate the building later with other society members.
When you are buying a redeveloping project where the building has already been demolished and are yet to be newly constructed. That means the money has been transacted, the ownership transferred but the property is not yet tangible. This is the most sensitive scenario. Here the buying process should be done with prior permission from both the developer and the society. The agreement should clearly mention the clause that the building is yet to be constructed and the agreement remains incomplete till new building is there in place.
Lastly for any property in any stage, if you are not confident enough, make sure that you entrust a reliable real estate agency. Akshay Argade is an agency specialized in property dealings. Established in 2012 by a management graduate, Akshay Argade envision 'to provide the best, to the best'. The firm presently is marketing for upcoming commercial projects in South Mumbai. Get in touch soon to grab the best deal.
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