Flat Upgrade in Redevelopment Project
2 years ago
Hi,
My society is going for redevelopment and I want to upgrade my flat from 1 BHK to 2 BHK.
The builder is asking me to execute an notarized MOU and pay him the entire lumpsum amount at one go on of before the execution of MOU so that he can give me a discounted rate. He is saying that the price will increase substantially if I want to follow some periodic payment schedule.
Kindly suggest if I should pay him the complete amount at one go now or should I follow some specific payment schedule/slab. What is the ideal payment schedule/slab for a redevelopment project where the existing member want to upgrade his current flat ?
Pls note that the project is not yet registered in Maha RERA but he has received provisional IOD from BMC/RERA.
As per the information you have given it is better for you get in touch with a realtor i.e real estate agent, they will guide you better.
A.Dear Sir,
You need not pay entire amount to the builder otherwise he may discontinue the construction as there is no guarantee.
Regardless of how you and the builder decide the have the payment schedule you need to ensure that every details including your payment schedule and whatever is paid at an agreed rate must be the part of the MOU or agreement. If anything goes awry later on then you can refer to that document.