Gunjan

 gunjan shah

 21 Years Exp

 Joint Development Agreement (Show More)

 North 24 Parganas , Bidhan Nagar

 View Answers by this Partner (8)

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Information

Overview

Joint development is a popular method of development of property. Here, an owner of a site and a developer come together to enter into an arrangement to develop a property jointly.

In case the owner of a site decides to develop the property on his own, he will have to arrange for funds, look for a builder, monitor the construction and go through all the associated formalities. The cost of land constitutes a major portion in the cost of development. It is difficult to get finance for the entire cost of a site. An owner has to block a lot of his own funds before he can get any returns.

The option of joint development saves on all these requirements for both the parties. The practice is being followed both by small and large builders without exception. The builder and the owner of the site develop the property on a joint venture basis. The land owner enters into a joint development agreement with a builder. The land is provided by the owner. The builder constructs the flats.

A certain percentage of the area is earmarked for the owner of the site. The owner is entitled to dispose off the constructed property delivered to him under the joint development agreement. The owner may also decide to retain his share of the builtup area, or may sell it off at a later stage without any involvement of the builder. The other flats are sold by the builder directly.

This way, it suits the needs of both the parties. The owner of the site does not have to get into the trouble of constructing the property, nor has he to arrange for funds for construction. At the same time, the builder gets access to land and does not have to raise money for purchase of land. The builder need not block his funds and in fact can use his resources for a number of projects simultaneously. A site owner usually gets 30 to 40 percent share and the balance goes to the builder.

The exact percentage depends on the terms of the agreement. As a procedural aspect, a site owner has to execute an irrevocable general power of attorney (GPA) in favour of the builder. The GPA should be registered on appropriate value stamp paper with the authorities concerned (registrar) in order to be legally binding on both parties. The stamp duty payable for this kind of GPA given to the builder under a joint development agreement is Rs 1,000. This may vary from State to State. After this, the parties enter into a joint development agreement.

The builder then proceeds with the construction of the flats after getting the necessary approvals. In case there is a breach of contract on the part of the builder, either financially or otherwise, the site owner has a right to revoke the GPA. The owner needs to take measures to protect the property till the project is completed and handed over to him.

Once the plan is approved, the owner should get an allocation agreement done recording the constructed area which comprises his share and the area going to the developer. Once the building is ready and the allocation agreement is done, it is better that a deed of declaration is executed recording the constructed area, which would reflect the area constructed for the site owner under the joint development agreement.


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Name : gunjan shah

Law Firm Name : Gunjan

Country : India

City : North 24 Parganas

State : WEST BENGAL

Practicing Since: 2004

About Your Firm : Legal degree with knowledge in Computer Application. A combination of Legal Knowledge and Computer Expertise will help me in performing any Legal Jobs, be it in IT or Non-IT sector with ease and confidence. Practicing as an advocate/private attorney at the Hon’ble High Court, Calcutta, District Courts, Tribunals such as Land Administrative Tribunals, Central and State Administrative Tribunals and Forums including The Consumer Forums and dealing in Arbitration matters, both as representing counsel and also as Arbitrator.

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 Legal & Drafting

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Subject :  Power of attorney of house
Question :  My house is on name of my grandmother. There are no any nominee or will or power of attorney of house. There is only dastaveg of house which is on name of my grandmother. But she is no alive. What is the prosidure to make that property on name of my grandfather. There are no any proof of marriage.

Answer by Gunjan :  The property becomes vested in the name of your grandfather by way of inheritance. You need not do anything. Just apply for mutation of the property in name of your grandfather.

Subject :  construction issues
Question :  we are living in an old house which was built many yrs ago( more then 40yrs).we have common walls with our neighbor.Now he is building his house in our area,always trying to prove that he is not doing so nd even he is doing favour leaving his space in between.he is not constructing a straight walls.he has built ground floor taking 3 inches of our space from back and according to that our front is decreased but his size is correct which may be due to the old construction of neighbor next to him.

Answer by Gunjan :  If your are aggrieved by the construction, please approach the local Municipality/Panchayat. If you are still not satisfied, you can file a suit for declaration and injunction in the appropriate Civil Court of Law.

Subject :  Property Fraud
Question :  I purchased 3 non-NA plots from a seller on the condition that he will NA those plots in next 3 months. After 3 months, he started making reasons that the land has some problems. He asked us to wait for some time. Now Its been 7 years and he is giving me the same reason. I requested him to at least pay the money back but he is unnecessarily delaying that for the past 1 year. The seller is neither interested in giving me the plots nor the money back. How can I file a case against that fraudulent seller? Or what could be the best way to recover my money?

Answer by Gunjan :  This is a clear case of cheat. Please file a criminal complaint before the local police authority. If your grievances are not solved, then you can approach the local magistrate Court for a direction upon the police to take legal action against that person, so that your money can be recovered.

Subject :  Registration of property
Question :  Hello, I want advice on property registration. I have flat of 900 super built up area in Patna which I want to sell for Rs 27 lakhs. A buyer has agreed and an agreement has been made accordingly. However as per valuation the value of a property of 900 sq feet in my area is Rs 36 lakhs. Now the buyer wants to register the sale deed at Rs 36 lakhs. As payments will be made to my bank account, what will be the legal aspects and tax problems as payment amount will be Rs 27 lakhs,and I shall have to pay income tax accordingly. Please advice on the course of action to be taken. Thank you

Answer by Gunjan :  Yes, you are right. Accepting a higher amount of money than you are actually getting means you will be liable to pay long term property taxes upon the excess amount also.

Subject :  Cost of rental agreement
Question :  What is the total cost of rental agreement including stamp paper for rental in Hebbal apartment and how much time to send

Answer by Gunjan :  Cost of drafting a rental agreement would be Rs. 10000/- only. It takes 2-3 days to prepare the agreement.

Subject :  Drafting a Will
Question :  Can i specify an under construction property in the Will? The property will be delivered only after a year. But i want to register the Will now by bequeathing my properties to my son. Is that possible?

Answer by Gunjan :  Yes, you can specify any future property that you anticipate to get in your Will.

Subject :  Property Fraud
Question :  I purchased 3 non-NA plots from a seller on the condition that he will NA those plots in next 3 months. After 3 months, he started making reasons that the land has some problems. He asked us to wait for some time. Now Its been 7 years and he is giving me the same reason. I requested him to at least pay the money back but he is unnecessarily delaying that for the past 1 year. The seller is neither interested in giving me the plots nor the money back. How can I file a case against that fraudulent seller? Or what could be the best way to recover my money?

Answer by Gunjan :  I have already answered this question.

Subject :  Property Fraud
Question :  I purchased 3 non-NA plots from a seller on the condition that he will NA those plots in next 3 months. After 3 months, he started making reasons that the land has some problems. He asked us to wait for some time. Now Its been 7 years and he is giving me the same reason. I requested him to at least pay the money back but he is unnecessarily delaying that for the past 1 year. The seller is neither interested in giving me the plots nor the money back. How can I file a case against that fraudulent seller? Or what could be the best way to recover my money?

Answer by Gunjan :  This is a clear case of cheat. Please file a criminal complaint before the local police authority. If your grievances are not solved, then you can approach the local magistrate Court for a direction upon the police to take legal action against that person, so that your money can be recovered..