Redevelopment of Tenanted Building

Redevelopment of Tenanted Building

Redevelopment of buildings by Landlord (Tenanted building)

A landlord can consider redeveloping existing cessed building/s so that the tenants and the landlord both get the benefit
– If the land lord has his own resources i.e financial and technical he can redevelop the building himself
– The landlord may give a right of redevelopment to the developer of the building/s which are depleted in condition with the right to sell individual units

Redevelopment with authority to sell:

– The landlord enters into a redevelopment agreement with a developer of the property with an understanding that the present tenants will get the same area or maybe extra area in the new building
- The developer then gets the right to sale the additional flats in the redevelopment building
– The redeveloped building will be then conveyed directly to the co-operative housing society on completion of the project

Right and Obligation of developer:

The developer is under the obligation in the capacity of owner as well as in the capacity the flat purchasers in an arrangement where the property will be developer remains the property of the owner in the property records and the developer can redevelop the property even though the in the government records the owner remains unchanged

Minority of the tenants cannot oppose Redevelopment:

Once 70% or more tenants give their consent for redevelopment of the property under the scheme and form an association/co-operative society and propose for redevelopment and if the proposal is approved by the cooperation it is binding on all the tenants of the chawl/building

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