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Can we demand SD from developer to protect our PDC from bouncing
29-Jan-2023 (In Property Law)
This is regarding redevelopment of my co.op society we have finalized developer he is offering PDC for 36 months in advance as rent we agreed at time of appointment but we did not clarify SD for our rent in case PDC bounce now we want SD for our rent to protect our PDC from bouncing . DA is not signed yet by us can we demand SD from developer? Is it counted as case of changing commercial terms? Pls reply soon.
yes. you can demand, we will also have to refer the terms of development agreement. and the total period of construction of building, then the authenticity of the builder is also important. if he is a reputed developer, it will wrong and it may spoil the relation
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Adv. Pritesh A Burad
Thane | 25+ Answers
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yes, the SOciety should not only demand SD but also Bank Guarantee (BG) from a Nationalised Bank only !
Their are cases of Developers not honouring their PDC after few months and then the members are left in great problems and difficulties as they have already taken premises on rent and the original building is demolished and they have to pay the rent from their own pockets though you can fie 138 Cheque Bouncing criminal complaint against the Developer but then the members have to incur legal expenses.
SO, please DO NOT SIGN ANY DA WITHOUT PROPER LEGAL GUIDANCE AND ADVICE AND OPINION !
Hope this helps !
Their are cases of Developers not honouring their PDC after few months and then the members are left in great problems and difficulties as they have already taken premises on rent and the original building is demolished and they have to pay the rent from their own pockets though you can fie 138 Cheque Bouncing criminal complaint against the Developer but then the members have to incur legal expenses.
SO, please DO NOT SIGN ANY DA WITHOUT PROPER LEGAL GUIDANCE AND ADVICE AND OPINION !
Hope this helps !
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Adv. Namitabh Kothari
Mumbai | 400+ Answers
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