Reddy & Associates

 CHINNAPA REDDY

 25 Years Exp

 Joint Development Agreement (Show More)

 Hyderabad , Musheerabad (Delivery)

 View Answers by this Partner (0)

 Profile Views : 366813

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.


Can't read the image? click here to refresh.

Enter the code :

Name : CHINNAPA REDDY

Law Firm Name : Reddy & Associates

Country : India

City : Hyderabad

State : TELANGANA

Practicing Since: 2000

About Your Firm : Practicing since 2000 in the office of P.Venugopal, The then Advocate General for the state of A.P in civil matters, Writ Jurisdiction, Consumer Forum, State & Centrel Administrative Tribunal, Worked as Legal Manager for Reliance group, Worker as Legal Manager in Suchirindia Pvt Ltd. Expert in Due diligence Reports, Search Reports, Drafting, Vetting of documents, Legal Opinions, etc,.

Manpower/Employee Details

Sr Employee Associated Sr Employee Enrollment/Reg.No Sr Employee Enrollment/Reg.State
P.Venugopal Ap
Jr Employee Associated Jr Employee Enrollment/Reg.No Jr Employee Enrollment/Reg.State

 

  Legal Opinion/Title Certification ( Residential Layout )
  Legal Opinion/Title Certification ( Villa Project )
  Legal Opinion/Title Certification ( Commercial complex )
  Power of Attorneys ( Drafting General Power of Attorney )
  Power of Attorneys ( Drafting Special Power of Attorney )
  Legal Opinion/Title Certification ( Apartment/Builder Floor )

 Legal & Drafting

  Lease/Rental Agreements ( Car Parking Agreement )
  Legal Opinion (Written) ( Agriculture Land )
  Utility/Property Payments ( Water Bill Payment )
  Procure Revenue Documents ( Khata Transfer )
  Agreements/Deeds ( Mortgage Deed )
  Property & Documents Inspection ( Documents Inspection in Builder Office )
  Power of Attorneys ( General Power of Attorney )
  Registration Assistance ( Commercial Property )
  Lease/Rental Agreements ( Settlement Of Rental Agreement )
  Legal Opinion (Written) ( Commercial Property )
  Affidavits ( Name & Address Affidavits )
  Procure Revenue Documents ( Mother Deed Extract )
  Agreements/Deeds ( Exchange Deed )
  Property & Documents Inspection ( Agriculture Land Inspection )
  Power of Attorneys ( Special Power of Attorney )
  Registration Assistance ( Revenue/Other Site )
  Lease/Rental Agreements ( Paying Guest Agreement )
  Legal Opinion (Written) ( Revenue/Other Site )
  Affidavits ( Personal Affidavits )
  Property & Documents Inspection ( Industrial / Commercial Inspection )
  Procure Revenue Documents ( Copy of Grant Certificate )
  Agreements/Deeds ( Release Deed )
  Packages ( Legal Opinion to Registration (Plot/Site) )
  Power of Attorneys ( Revoke/cancel Power of Attorney )
  Lease/Rental Agreements ( Apartment Rental Agreement )
  Lease/Rental Agreements ( Leave And Licence )
  Agreements/Deeds ( Agreement of Sale )
  Affidavits ( Student Affidavits )
  Procure Revenue Documents ( Pahani/RTC )
  Agreements/Deeds ( Partition Deed )
  Packages ( Sale Agreement to Registration (Plot/Site) )
  Construction Approvals ( Residential )
  Lease/Rental Agreements ( House Rental agreement )
  Lease/Rental Agreements ( NOC From Landlord )
  Agreements/Deeds ( Construction Agreement )
  Affidavits ( Passport Affidavits )
  Procure Revenue Documents ( Mutation )
  Agreements/Deeds ( Memorandum of Understanding )
  Packages ( Sale Agreement to Registration (Apartment) )
  Construction Approvals ( Commercial )
  Lease/Rental Agreements ( Commercial Office Rental Agreement )
  Lease/Rental Agreements ( Other Lease/Rental Agreements )
  Agreements/Deeds ( Sale deed )
  Affidavits ( Gas Affidavits )
  Procure Revenue Documents ( Electricity Bill Name Transfer )
  Agreements/Deeds ( Joint Development Agreement )
  Lease/Rental Agreements ( Commercial Shop Rental Agreement )
  Packages ( Legal Opinion to Registration (Apartment) )
  Wills ( Make A will )
  Consultation on Property ( Property Buying )
  Agreements/Deeds ( Gift Deed )
  Affidavits ( General Affidavits )
  Procure Revenue Documents ( Duplicate/Certified copy of sale deed )
  Registration Assistance ( Plot )
  Lease/Rental Agreements ( Commercial Lease Agreement )
  Legal Opinion (Written) ( Plots )
  Wills ( Make A Codicil )
  Consultation on Property ( Property Selling )
  Agreements/Deeds ( Sale Agreement/Deed Review )
  Affidavits ( Other Affidavits )
  Procure Revenue Documents ( Certified copy of revenue document )
  Registration Assistance ( Apartment )
  Lease/Rental Agreements ( Residential Lease Agreement )
  Legal Opinion (Written) ( Apartment )
  Notary & Attestation Services ( Get A Document Notarised )
  Procure Revenue Documents ( Encumbrance Certificate )
  Agreements/Deeds ( Construction Agreement Review )
  Property & Documents Inspection ( Plot/Site Insepction )
  Procure Revenue Documents ( Certified copy of registered GPA/SPA )
  Registration Assistance ( Villas )
  Lease/Rental Agreements ( Room Rental Agreement )
  Legal Opinion (Written) ( Villas )
  Utility/Property Payments ( Property Tax Payment )
  Procure Revenue Documents ( Khata Extract )
  Agreements/Deeds ( Rectification Deed )
  Property & Documents Inspection ( House/Apartment Inspection )
  Procure Revenue Documents ( Certified copy of registered documents )
  Registration Assistance ( Independent House )
  Lease/Rental Agreements ( Office Sharing Agreement )
  Legal Opinion (Written) ( Independent House )
  Utility/Property Payments ( Electricity Bill Payment )
  Procure Revenue Documents ( Khata Certificate )
  Agreements/Deeds ( Relinquishment deed )
  Property & Documents Inspection ( Documents Inspection in Govt Office )
  Procure Revenue Documents ( Other Revenue Documents )
  Registration Assistance ( Agriculture Land )

 NRI Services

  Property Search ( Land And Property Search )
  Propert Transfer ( Land and Property Transfer )
  Property Partition ( Partition of Land And Property )
  Property Disputes ( Illegal Sale of Land And Property )
  Property Disputes ( Illegal Transfer of Land And Property )
  Property Disputes ( Illegal occupation of Land and Property )
  Landlord Tenant Disputes ( Landlord Tenant Disputes )

No Answers Found