Redeveloping an old society? Be careful while signing the POA in builder’s favour; know what to look out for
The Economic Timesvia NewsData.io
Housing societies looking to redevelop must qualify under Development Control Regulations and pass a resolution during a meeting. After the resolution, a development agreement can be signed with a builder, and a Power of Attorney can be issued. The society must ensure transparency and due diligence in the redevelopment process to protect member interests. Legal aspects, such as compensation for delays and entitlement, should be clearly outlined in agreements.
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