Dear Members,

I have been a silent reader for the past few months and its been a learning experience. Now, I have a query. A relative is stuck in a redevelopment project in the Prabhat Rd./Bhandarkar Rd. area. Its past the possession date and the builder has offered to compensate at Rs. 12-13/sq. ft. per month.

I'm not sure how good/bad it is. Request learned members for guidance.

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  • redevelopment agrement

    There will be a clause regarding such delays in the development agreement.Normally builders when they compensate it is the monthly rent amount which they give.
  • Correct. But unfortunately, the agreement did not have such a clause. Now the builder is offering the above rate. Is it a reasonable rate currently for that area?
  • redevelopemnt agreement delays

    Rate appears to be on the lower side. As per some property website the rate is around Rs17-20 in the area.(residential). Local area brokers would be able to give you a better idea of the rates.