Legal Question in Real Estate Law in India

We had completed all legal formalities for redevelopment of our society. The builder was chosen unanimously and complete procedure was videographed in front of representative of Asstt. Registrar and LOI was issued to the developer.

After that the discussions started for MOU and due to some differences, the MOU could not be executed till 6 months. Then the developer waited for new DCR Rules and after that was in place, they came out with amended offer . But the amended offer was not to the fullest saisfaction of the members as it was short of new feasibility report given by our PMC. Now members want to terminate LOI given to the developer and want to go for fresh new tendering.

IHow can we terminate LOI ? Is it ok to go for retendering before the LOI is withdrawn ?


Asked on 7/14/12, 9:57 pm

2 Answers from Attorneys
Global Legist Advocate & Legal Consultants

Hello,

You have to cancel LOI.

Must Follow binding term and condition of LOI (if any).

Once the revocation is complete proceed further.

Here, it is matter of tendering hence matter also depends upon the specific term and condition of granting the tender and it revocation.

You need to consult a lawyer in detail.

For any further enquiry please contact us.

With Regards

Global Legist

Advocates and Legal Consultants

+91 9873400403

[email protected]

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Answered on 7/15/12, 10:44 am
Shrichand Nahar S.V.Nahar, Advocate

Check terms of LoI and act accordingly.

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Answered on 7/15/12, 10:42 pm


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