When a cooperative housing society (CHS) opts for redevelopment of their building, a consensus is required among members. A developer agreement and an agreement for permanent alternate accommodation (PAA) is signed by the owners with the approved builder.
When an owner makes a nomination of a flat, apartment or any real estate property, the nominee only becomes a caretaker of the said property and cannot make an ownership claim in the unfortunate death of the owner without additional documentation that substantiates this claim. In most cases, such documentation is a succession certificate, legal heirship certificate, a registered and probated Will or a release deed from any immediate legal heirs.
Redevelopment is the go-to solution for old, dilapidated buildings, as it offers a win-win situation for both the builder and the residents. However, there are certain prerequisites and procedures that societies and residents need to follow to avoid complications in the future.
Every cooperative housing society (CHS) has to hold an annual general meeting (AGM) according to the model bye-laws set in place by the government. Such meetings are designed to take stock of the yearly activities of the Society, keeping members apprised of the critical developments and overall financial accounts, thus fostering accountability, transparency and smooth functioning of the Society as a whole.
Conveyance of the land that society buildings stand on is crucial for cooperative housing societies (CHSs) when they opt for redevelopment. Obtaining the same has been a lengthy and convoluted process which usually takes a few months, delaying the self-redevelopment process further.