(1) Pursuant to approval of the detailed redevelopment report, the association shall fi nalise the terms of the agreement for redevelopment with the promoter and circulate the same to all the apartment owners.
(2) Upon circulation of the draft agreement for redevelopment, the association shall obtain written consent of not less than two-third of the apartment owners in Form–J, confi rming the terms of the agreement for redevelopment and acknowledging the association’s statutory empowerment to sign the agreement for redevelopment.
(3) Based on the due authorisation obtained under sub-rule (2), the association shall enter into the agreement for redevelopment superscribed as ‘redevelopment scheme’ with the promoter.
(4) The redevelopment scheme, among others, may contain the following, namely:-
(i) the period of completing re-development;
(ii) re-adjustment of undivided share of land as may be required;
(iii) re-allocation of apartments together with the proportionate undivided share;
(iv) alternate accommodation to the apartment owners till the re-developed apartment is handed over, or cash in lieu of existing premises or any combination;
(v) right and authority of the promoter to sell and/or transfer and dispose of the apartments allocated to the promoter;
(vi) carpet area and the percentage of undivided share of land of each apartment to be constructed under the redevelopment scheme;
(vii) the procedure for allotment of apartments to the existing and new apartment owners;
(viii) common amenities to be provided in the redeveloped project;
(ix) bank guarantee, security deposit, caution deposit, if any, as may be agreed to by the parties;
(x) consequence of default or breach of any of the conditions of agreement; and
(xi) such other matters as agreed by the parties.