When should Flat owner Hand over Flat keys to Builder in case of Redevelopment. Should he give Flat Keys to Builder before Receipt of IOD as same is asked by the builder.
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  • Originally Posted by rahool19
    When should Flat owner Hand over Flat keys to Builder in case of Redevelopment. Should he give Flat Keys to Builder before Receipt of IOD as same is asked by the builder.


    Nope, after IOD, and receiving advance rental, brokerage and logistics cost...also society corpus bank guarantee as discussed in agreement...
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    • rahool192 years ago
      thanks u sir for your suggestion
  • After municipal corporation grants IOD to builder. The Builder has to sign a tri-party agreement with each flat owner. This agreement is between Flat owner, society & builder. Only after signing this agreement and collecting rental cheque, brokerage, transportation charges etc... should one handover the key to builder.
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  • Originally Posted by rahool19
    When should Flat owner Hand over Flat keys to Builder in case of Redevelopment. Should he give Flat Keys to Builder before Receipt of IOD as same is asked by the builder.


    General sequence of actions as seen is -

    1. Development agreement signed by both parties
    2. Registration of the DA
    3. Apply IOD & Initial CC
    4. Receive IOD
    5. Provide rental chqs, movement chq and all related Bank Guarantees
    6. Sign individual flat agreement
    7. Pre-agreed time to vacate starts
    8. Give key to society
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