Adv.Ambrose leo Associates & Legal Consultant

 Ambrose

 16 Years Exp

 Joint Development Agreement (Show More)

, EPIP

 View Answers by this Partner (4)

 Profile Views : 75578

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 : Ambrose

Law Firm Name : Adv.Ambrose leo Associates & Legal Consultant

Country : Andorra

Practicing Since: 2010

About Your Firm : Established in 2010. Offices at maharashtra and Karnataka, Practicing in Nagpur,Mumbai Maharashtra,Bangalore Karnataka High Courts. Professional & Expert in Employment and Service Matters,Central Government Courts under Ministry of Labour & Employments. Up to High Courts, Central Administrative Tribunals, Property & Civil & Criminal cases Connected,Company Law Matters Registrar of Companies Under Ministry of Corporate Affairs Under Union Of India.Consumer Forums,Co-operative courts etc.

Manpower/Employee Details

Sr Employee Associated Sr Employee Enrollment/Reg.No Sr Employee Enrollment/Reg.State
adv.Ambrose leo MAH 7749/2010 Bar Council Of Maharashtra & Goa
Jr Employee Associated Jr Employee Enrollment/Reg.No Jr Employee Enrollment/Reg.State

 Legal & Drafting

  Procure Revenue Documents ( Khata Transfer )
  Agreements/Deeds ( Mortgage Deed )
  Power of Attorneys ( General Power of Attorney )
  Registration Assistance ( Commercial Property )
  Lease/Rental Agreements ( Settlement Of Rental Agreement )
  Legal Opinion (Written) ( Commercial Property )
  Utility/Property Payments ( Electricity Bill Payment )
  Property & Documents Inspection ( Plot/Site Insepction )
  Procure Revenue Documents ( Mother Deed Extract )
  Agreements/Deeds ( Exchange Deed )
  Power of Attorneys ( Special Power of Attorney )
  Registration Assistance ( Revenue/Other Site )
  Lease/Rental Agreements ( Paying Guest Agreement )
  Legal Opinion (Written) ( Revenue/Other Site )
  Utility/Property Payments ( Water Bill Payment )
  Property & Documents Inspection ( House/Apartment 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 ( Name & Address Affidavits )
  Property & Documents Inspection ( Documents Inspection in Govt Office )
  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 ( Personal Affidavits )
  Property & Documents Inspection ( Documents Inspection in Builder Office )
  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 ( Student Affidavits )
  Property & Documents Inspection ( Fraud & forgery Inspection )
  Procure Revenue Documents ( Electricity Bill Name Transfer )
  Agreements/Deeds ( Joint Development Agreement )
  Packages ( Legal Opinion to Registration (Apartment) )
  Wills ( Make A will )
  Lease/Rental Agreements ( Commercial Shop Rental Agreement )
  Consultation on Property ( Property Buying )
  Agreements/Deeds ( Gift Deed )
  Affidavits ( Passport Affidavits )
  Property & Documents Inspection ( Agriculture Land Inspection )
  Procure Revenue Documents ( Duplicate/Certified copy of sale deed )
  Registration Assistance ( Plot )
  Legal Opinion (Written) ( Plots )
  Wills ( Make A Codicil )
  Lease/Rental Agreements ( Commercial Lease Agreement )
  Consultation on Property ( Property Selling )
  Agreements/Deeds ( Sale Agreement/Deed Review )
  Property & Documents Inspection ( Industrial / Commercial Inspection )
  Procure Revenue Documents ( Certified copy of revenue document )
  Registration Assistance ( Apartment )
  Legal Opinion (Written) ( Apartment )
  Notary & Attestation Services ( Get A Document Notarised )
  Affidavits ( Gas Affidavits )
  Lease/Rental Agreements ( Residential Lease Agreement )
  Procure Revenue Documents ( Encumbrance Certificate )
  Agreements/Deeds ( Construction Agreement Review )
  Procure Revenue Documents ( Certified copy of registered GPA/SPA )
  Registration Assistance ( Villas )
  Legal Opinion (Written) ( Villas )
  Notary & Attestation Services ( Gazetted Officer Attestation )
  Affidavits ( General Affidavits )
  Lease/Rental Agreements ( Room Rental Agreement )
  Procure Revenue Documents ( Khata Extract )
  Agreements/Deeds ( Rectification Deed )
  Procure Revenue Documents ( Certified copy of registered documents )
  Registration Assistance ( Independent House )
  Legal Opinion (Written) ( Independent House )
  Notary & Attestation Services ( Tenant Police Verification )
  Affidavits ( Other Affidavits )
  Lease/Rental Agreements ( Office Sharing Agreement )
  Procure Revenue Documents ( Khata Certificate )
  Agreements/Deeds ( Relinquishment deed )
  Procure Revenue Documents ( Other Revenue Documents )
  Registration Assistance ( Agriculture Land )
  Legal Opinion (Written) ( Agriculture Land )
  Utility/Property Payments ( Property Tax Payment )
  e-stamp paper ( Get E-stamp paper )
  Lease/Rental Agreements ( Car Parking Agreement )

 NRI Services

  Property Disputes ( Illegal occupation of Land and Property )
  Buying Selling of Property in India ( Buying/Selling of Property in India )
  Investment/Realestate Claims ( Investment/Realestate Claims )
  Succession Certificate ( Succession Certificate )
  Power of Attorneys for NRIs ( General Power of Attorney by NRI )
  Property Search ( Land And Property Search )
  Power of Attorneys for NRIs ( Special Power of Attorney by NRI )
  Propert Transfer ( Land and Property Transfer )
  Property Partition ( Partition of Land And Property )
  Landlord Tenant Disputes ( Landlord Tenant Disputes )
  Property Disputes ( Illegal Sale of Land And Property )
  Property Disputes ( Illegal Transfer of Land And Property )

 Realtors

  Agents - Resdential ( Residential Villa )
  Agents - Resdential ( Residential Apartment )
  RERA Consultation ( RERA Approved Agent )
  RERA Consultation ( RERA Consultant )
  RERA Consultation ( RERA Compliance Residential )
  Agents - Resdential ( Residential Plot )
  Agents - Resdential ( Residential House )

No Answers Found