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Re developer not providing bank guarantee to tenants what can I do
11-Jun-2023 (In Property Law)
We are tenants of a residential property in Mumbai which is now being redeveloped by a builder. The society or a co-operative is not in existence since there are just four tenants in the building besides the two flat owners. As part of the redevelopment agreement the builder is not willing to provide a bank guarantee to the tenants. Is this an acceptable practice? Is there any other means of security can we ask from the builder in order to safe guard our rights in the event that the property development stalls mid-way. Appreciate your assistance and advice.
Redevelopment agreement decide the rights and liability u need to draft it carefully.
Bank guarantee is must for your safety. You must take it from the builder.
If no guarantee then you would be in trouble in future.
Bank guarantee is must for your safety. You must take it from the builder.
If no guarantee then you would be in trouble in future.
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Adv. Bharat Pandirao Pawar
Pune | 500+ Answers
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