Please note that all of these cases are a bit complex and as a buyer you should only interact with the licensed 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 review and review the copy of the AMP or family agreement to provide more clarity. In order to avoid the creation of a constructive trust, the parties should ensure that the development contract does not give the developer the power to require the transfer of land to a particular party for the benefit of the sale to the developer. Please note that the execution of the endorsement does not cause any damage if it is also registered. Otherwise, the endorsement is just another piece of worthless paper. For example, in one case, 23 dwellings with specific housing numbers were assigned to the landowner under the JDA. An amendment was then signed. The number of dwellings has been increased from 23 to 39 and the number of dwellings has been changed.
One of my clients bought an apartment like this. After 18 months, there was a dispute between the client and the landowner. Now my client is in a soup where to go. A new section 194 – IC is introduced to provide that if a financial consideration is to be paid in accordance with the agreement, taxes of 10% are deductible from this payment. Finally, please note that banks like SBI, etc. Do not offer home credit if the JDA is not registered at the Sub-Registrar`s office. There may be other reasons. The client promises a mortgage from 2nd rung Housing Finance Companies. In some cases, the granting of the housing loan is subject to conditions.
Recently, one of the banks sent a message to the buyers of Project A in Pune to close the mortgage within 60 days. The reason for this is a dispute between landowners. Unfortunately, the joint development agreement is not registered and one of the landowners has fraudulently mortgaged the country. The success or failure of an evolution and the benefit realized by the parties depend largely on the distribution of risks within the agreement and the control that each party has over the costs and revenues of development. The development agreement must give each party some control over the costs and revenues of development. Since development agreements are commercial, the key to developing an effective development agreement is to ensure that it reflects the commercial requirements of the parties and does not accidentally trigger the application of laws and taxes that compromise the viability of the project. In general, preference should be given to a solution that promotes a lasting relationship between the parties. .