Hi,
I have just booked a flat in kolkata. The builder has joint developement agreement with the land owner and has got general power of attorney from land owner.The project is in pre launch stage.Presently,slum dwellers are residing in the proposed site area.The slums will be dismantled and the builder will construct a separate 1 BHK block for slum dwellers outside compound wall which is shown in approved drawing.All drawings have been sactioned and necessary approvals from local authorities have been taken.Now, the builder is asking to make agreement with 20% of the total value of the flat plus total amenities charges.The remaining amount will be financed through home loan by LICHFL. The builder has sent soft copy of the agreement.The agreement is between land owner, developer and me and builder is alloting the selected flat from his share.I have enquired with the builder why land owner is coming in the agreement.The builder told me that as it is a joint venture project with the land owner,it is standard procedure to make agreement between land owner,developer and buyer.Otherwise,loan will not be sanctioned.
Now, my query is that is it all right to make this joint agreement and will there be any problem in shifting ownership right to me after completion.or shall i move to any other project by cancelling the booking which is Rs. 50,000.
Please help.I shall be highly obliged to receive suggestion in this regard.
- Koushik Basu
