OURS IS A PRIVATE HOUSING SOCIETY IN MUMBAI

2 years ago

OURS IS A PRIVATE HOUSING SOCIETY IN MUMBAI. WE ENTERED INTO REDEVELOPMENT AGREEMENT WITH DEVELOPER IN 2015 ,WHICH PROVIDES FOR BANK GUARANTEE OF RS 15.30 CRS.

THE WORK HAS NEVER BEEN STARTED IN SPITE OF THERE IS A CLAUSE THAT DEVELOPER SHALL GET IOD WITHIN 6 MONTHS.
IN 2019 THE SOCIETY AT THE REQUEST OF DEVELOPER THE ENTIRE PERFORMANCE BANK GUARANTEE IS WAIVED OFF AND DEVELOPER AGTEED THAT HE WILL LIEN ON HIS SALE COMPONENT.
NOW IN OCT 2021 SECRETARY INFORMED THAT HE IS NOT READY TO GIVE LIEN ON HIS SALE QUOTA BUT START WORK WITHOUT IT AS BUILDING CONDITIONS HAS BEEN HIGHLY DETEORATED . MAJORITY MEMBERS HAVE AGREED TO SIGN PAAA WITHOUT ANY TYPE OF SECURITY FOR A PROJECT OF RS 165 CRS APPROX.
I HAVE FEARTHAT IT WILL CREAT PROBLEMS IN FUTURE IN PAYMENT OF RENT AND NON COMPLETION OF PROJECT AS HE HAS OFFERD NOTHINH AS SECURITY. EVEN TDR IS PURCHASED UPTO 9 THE FLOOR FOR A PROJECT OF 20 FLOORS TWO TOWERS.
MY QUESTION IS SHALL I HAVE TO JOIN THEM BEING IN MAJORITY OR I CAN GET SOME RELIEF FROM COURT IF I APPROACH .
SECONDLY I HAVE BEEN INFORMED THAT BANK GUARANTEE IS MANDATORY ONLY FOR MHADA SOCIETY AND NOT FOR PRIVATE HOUSING SOCIETY. IT IS MERE GUIDELINES AND CAN NOT BE ENFORCRD.
PLEASE GUIDE AS MEMBERS AT LARGE IS FORCING ME TO AGREE AS WE HAVE RECEIVED NOTICE FROM MCGM UNDER SECTION 353 B SINCE 2017.BUR SECRETARY NOT CARRIED OUT NECESSARY REPAIRS NOR SENT EVEN ALETTER TO START WORK EVEN THOUGH 6 YEARS PASSED.
THANKS IN ADVANCE.
REGARDS

REGARDS