Jda real estate

Murthy (Querist) 19 December 2024 This query is : Resolved
X developer enters into a JDA with y land owner agrees to sharing ratio of 60 : 40 % Developers and owners share Subsequently the owners seeker X amount as Consideration for their owners share

Should the JDA be amended??
Will a supplement agreement hold good??
Since a lumpsum amount is being paid do we have to pay stamp duty

What is the diligent solution to this case

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Quick Summary

This discussion addresses a situation where a developer and landowner have a Joint Development Agreement (JDA) with a 60:40 sharing ratio, and the landowner later requests a lump sum payment for their share. It explores whether the JDA needs amendment, the validity of supplementary agreements, and the crucial aspect of stamp duty. The advice given is to amend the JDA, with stamp duty levied on the consideration or market value of the owner's share, whichever is higher. Registration of the JDA afresh is recommended, and stamp duty applies to the entire amount.

kavksatyanarayana (Expert) 19 December 2024
The JDA shall be amended and the stamp duty will be levied on the value of consideration or Market value of the owner's share whichever is higher. The stamp duty varies from state to state and asks in local SRO.

Dr. J C Vashista (Expert) 20 December 2024
Should the JDA be amended?? It is advisable to get the JDA registered afresh.
Will a supplement agreement hold good?? No
Since a lumpsum amount is being paid do we have to pay stamp duty? Yes, stamp duty has to paid for whole amount as per law of the State.

T. Kalaiselvan, Advocate (Expert) 20 December 2024
A supplementary agreement mentioning the new changes and details therein also can be executed.

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