#redevelopment #cooperativesociety #realestate #cooperative #builder #underconstruction
It is important for flat owners to clearly understand their relationship with cooperative housing society i.e. with the managing committee and general body, and with the builder who proposes to redevelop their building. The flat owners have absolutely no standing in the eyes of judiciary; the cooperative housing society collectively has all the legal authority over the building and the land, and it willingly hands over its entire authority to the builder. After that, the society more-or-less dissolves itself i.e. it no long exists in any practical sense.
So there is no one left to resist the builder if he does not honour his contractual agreement with the cooperative housing society.
When the society is re-constituted after redevelopment, it is at the will and pleasure of the builder. The original society, which handed over the old building for redevelopment, is often no longer in existence, because many new members have joined it i.e. flat-buyers and new owners.
The only honest deal that the builder can offer is to purchase the underlying land outright and giving every flat-owner the full value of the land. The difficulty with redevelopment is that instead of doing that, the builder invariably wants to take over the land by clearing the building society members.
ISSUED IN PUBLIC INTEREST BY
Krishnaraj Rao
9821588114 and 8169471229
krish.kkphoto@gmail.com
Twitter @BravePedestrian
Mumbai
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Safeguarding Your Society: Insights into Asset Strippers and Real Estate Developers 🏡💼
1/10 📉 What Are Asset Strippers? Asset strippers are entities that take over companies to dismantle and sell their assets for profit. They focus on liquidating assets rather than running the company. #AssetStrippers #CorporateTakeover
2/10 🔄 How They Operate: They often use hostile takeovers to acquire companies and then sell off buildings, machinery, and intellectual property to maximize profit. Their goal is profit, not the company’s longevity. #BusinessStrategy
3/10 🏢 Modern Developers: Today's real estate developers might seem like saviors, promising upgrades and new amenities. However, their real aim can be to exploit communities for land deals. #RealEstate #DeveloperTactics
4/10 🏘️ Creating Pressures: Developers might engineer situations to make it difficult for societies to resist redevelopment. They exploit residents’ lack of financial and legal knowledge to push through deals. #CommunityImpact
5/10 🔍 Assessing Your Land’s Value: Always hire a professional surveyor or project management consultant to get an accurate valuation of your property. Know how location, market conditions, and development potential affect value. #LandValuation
6/10 💼 Evaluate Proposals Carefully: Avoid barter deals and ensure all agreements are clear and financially sound. Insist on fair pricing and transparent terms if approached by developers. #RealEstateDeals
7/10 🚚 Prepare for Relocation: Redevelopment might require relocating. Plan for this possibility by exploring housing options and preparing for the transition. #RelocationPlanning
8/10 🤝 Engage Politically: Form alliances with community members and local political figures to strengthen your negotiating position. Keep open lines of communication with everyone involved. #CommunityAction #LocalPolitics
9/10 💔 Be Objective: Avoid emotional attachments to property that might cloud your judgment. Make decisions based on practical considerations and long-term benefits for the community. #PropertyDecisions
10/10 📢 Stay Informed & United: A well-informed and united community is best equipped to handle aggressive development practices. Ensure any changes benefit everyone involved. #CommunityStrength #SmartDevelopment
7 сен 2024
