rozario john

Rozario John

27 Years Exp

Joint Development Agreement (Show More)

Pune , Dhanori

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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 : Rozario John

Law Firm Name : rozario john

Country : India

City : Pune

State : MAHARASHTRA

Practicing Since: 1998

About Your Firm : I am dealing exclusively with conveyancing of property and providing end to end solution to ensure safe transfer of property takes place in the best possible manner

Manpower/Employee Details

Sr Employee Associated	Sr Employee Enrollment/Reg.No	Sr Employee Enrollment/Reg.State
Rozario John	MAH/927/1998	The Bar Council of Maharashtra and Goa
Jr Employee Associated	Jr Employee Enrollment/Reg.No	Jr Employee Enrollment/Reg.State

Power of Attorneys ( Drafting General Power of Attorney )

Power of Attorneys ( Drafting Special Power of Attorney )

Forming Owners Associations/Societies ( Apartments )

Packages ( Apartment/Builder Floor )

Forming Owners Associations/Societies ( Layouts )

Packages ( Residential Layout )

Packages ( Villa Project )

Packages ( Commercial complex )

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Affidavits ( Personal Affidavits )

Lease/Rental Agreements ( Leave And Licence )

Wills ( Make A will )

Registration Assistance ( Commercial Property )

Agreements/Deeds ( Release Deed )

Affidavits ( Student Affidavits )

Procure Revenue Documents ( Duplicate/Certified copy of sale deed )

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Agreements/Deeds ( Agreement of Sale )

Agreements/Deeds ( Partition Deed )

Affidavits ( Passport Affidavits )

Procure Revenue Documents ( Certified copy of revenue document )

Consultation on Property ( Property Buying )

Agreements/Deeds ( Construction Agreement )

Legal Opinion (Written) ( Plots )

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Affidavits ( Gas Affidavits )

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Consultation on Property ( Property Selling )

Agreements/Deeds ( Sale deed )

Legal Opinion (Written) ( Apartment )

Agreements/Deeds ( Joint Development Agreement )

Affidavits ( General Affidavits )

Procure Revenue Documents ( Other Revenue Documents )

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e-stamp paper ( Get E-stamp paper )

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Power of Attorneys for NRIs ( General Power of Attorney by NRI )

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Property Search ( Land And Property Search )

Propert Transfer ( Land and Property Transfer )

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Buying Selling of Property in India ( Buying/Selling of Property in India )

Succession Certificate ( Succession Certificate )

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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 rozario john : file a police complaint for fraud, cheating at the earliest, also if you know other plot buyers, contact them and make them also file complaints against the person

rozario john

Rozario John

27 Years Exp

Joint Development Agreement (Show More)

View Answers by this Partner (1)

Profile Views : 126486

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Practicing Since: 1998

About Your Firm : I am dealing exclusively with conveyancing of property and providing end to end solution to ensure safe transfer of property takes place in the best possible manner

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