Short Answer

The monitoring of progress and payments in a joint venture between a society and a developer is typically overseen by a committee formed by the society as per the Gujarat Cooperative Societies Act, 1961.

Detailed Explanation

Section 73 of the Gujarat Cooperative Societies Act, 1961 empowers the society to appoint a committee to oversee the joint venture with the developer. This committee is responsible for monitoring the progress of the redevelopment or structural repairs, ensuring adherence to timelines, and verifying the payments made by the developer.

In practice, the society's committee, comprising of elected members, is tasked with regularly inspecting the construction site, reviewing the developer's work progress reports, and cross-checking the payments against the agreed-upon milestones. They play a crucial role in safeguarding the society's interests and ensuring transparency in the joint venture.

Real-world Scenarios

• In a redevelopment project, the society's committee inspects the quality of construction work done by the developer at various stages and verifies that the payments made align with the completed work.

• If there are delays in the project, the committee intervenes to understand the reasons, negotiate with the developer for a revised timeline, and ensure that the project moves forward smoothly.

• The committee also ensures that the developer complies with all legal requirements, obtains necessary approvals, and maintains the standards set by the society.

Reference

• Section 73 of the Gujarat Cooperative Societies Act, 1961: Official PDF