Compared to other costs, the developer generally funds development costs until funding is available. 5. In view of the owner`s granting of exclusive development rights by the owner in accordance with this agreement, the promoter pays the owner a minimum account of the Rs. – (Rupees – (hereafter referred to as “minimum consideration”) or an amount calculated at the rate of Rs.____/per square foot, which may be sanctioned by the municipal body of ` ` according to the highest amount and the total amount of remuneration paid as follows: o Rs. – Rupees The competent authority that issues its NOC in accordance with Section 269 UL (3) of the Income Tax Act, 1961. 3. The owner hands over to the developer under an irrevocable license the total ownership of the building mentioned under an irrevocable license. 4. The owner who grants an irrevocable right to build buildings on his own behalf and with the right to sell the units in the building or buildings mentioned to potential purchasers, on the basis of a property or otherwise, and to acquire the proceeds of the sale on his own, although the official ownership of the property is given to the developer upon the execution of the transport. The owner`s planning plan should be clear: note that all these cases are a bit complex and that you, as a buyer, should only interact with the licensed owner as part of the common development contract. In many cases, the indirect beneficiary of these transactions, i.e. the signatory of the family comparison contract, goes directly to the buyers to conclude the agreement.
The likelihood of fraud/fraud is high in such cases. Therefore, any agreement should be made directly with the owner of the land whose name is mentioned in the JDA. Finally, you should also check the copy of GPA or Family Settlement Agreement and review to get more clarity. Lend Lease was required, under the land sale contract, to pay a phased release fee, but also had to pay additional amounts under the development contract, including payments for infrastructure, a contribution to public art, a payment for land rehabilitation in and around the country and a portion of the gross proceeds. In terms of lay people, suppose I own a residential area and the owner directs me to build apartments on my land. This plan is beneficial to both parties. The reason is that as a landowner, I unlock the value of my property without any additional investment from Single Rupee. Seen from the owner, he does not need to invest money to buy land. He can use the same money to build the property.
The capital requirement is therefore minimal for both parties. They enter into a joint development contract in which landowners bear their land and building costs for the completion of the project. Another clever trick from the owners. The joint development agreement is implemented and registered in order to comply with the rules and rules.