What happens to ownership of land of interested parties after project completion.
Initial Ownership – Sole
Final Ownership – Joint Ownership of all members of the RWA
What happens to property of interested parties after project completion.
Old is demolished and new property is constructed.
What are the responsibilities of RWA and its members.
To be binded by the joint development agreement till the project is not handed over to RWA by the builder.
Nominal redevelopement fees of ₹ 500/Sqft to be paid to the builder.
Responsibility of the builder
- Concept design proposal to interested parties.
- Formation of RWA.
- Appointment of Architect, Structural Designer and Contractor after signing of the joint development agreement between RWA and Builder.
- Necessary approval for start of construction.
- Project Construction.
- Project Handover to RWA