Chennai Joint Development Agreement

A joint venture is an association between two or more participants for a given commercial purpose and for a limited period of time. A joint venture terminates as soon as the purpose of the activity is reached. A joint venture is characterized by risk sharing, the combination of capital and stakeholder expertise and speculative objectives. A joint venture may be organized as a partnership enterprise, as a company or as any other form of business organization that the participants deem appropriate. A real estate joint venture is typically organized as a limited partnership, in which limited partners provide most of the equity. Complements are responsible for asset management and provide a small portion of equity. A proper document, i.e. a construction contract for the new housing built for the former owners, is necessary to justify the ownership. Aspects related to the demolition of the old building, renovation, monetary consideration and compensation for it can be deducted from the unregreged JDA. The JDA in question should clearly indicate the undivided share of the land retained by the former owners and the new apartment to be built for them. The stamp duty and registration fee of the construction contract would be 2 percent of the construction costs/value of the construction and will have to be borne by the developer or former owners on the basis of the agreement registered in the JDA. Do not pay unless JDA is registered. If registered, an inclined contracting authority or landowner may contest the terms of the contract.

2) If the landowner is not resident in India, it would be difficult to sue him and get your money back in the event of a dispute between the developer and the landowner leading to the termination of the contract Please note that all these cases are a bit complex and you should only interact as a buyer with the authorized landowner under the joint development agreement. In many cases, the indirect beneficiary of these operations, that is: The signatory of the GPA / Family Settlement Agreement, directly to the buyers to conclude the operation. The probability of fraud or fraud is high in such cases. Therefore, any agreement should be entered into directly with the landowner whose name is mentioned in the JDA. Finally, you should also check the copy of the AMP or family agreement and review in order to bring more clarity. . . .