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Transfer of society land

Querist : Anonymous (Querist) 26 June 2018 This query is : Open 
We the society hold a 700 sqmtr plot in a city in maharashtra, there are 12 members in the said society and i am the chairman of the society, the members of the society don't have funds to develop the said piece of land and so my question is :
1) can the society go in for JV or development agreement with a potential builder to develop the said property, if yes then what is better option JV or Development agreement.
2) can the society rent out the premises that the society receives from the builder in return of development agreement?? if yes then what are the tax obligation for the society in future?
3) finally if 5 members retire from the said society then the number of member for a legal society goes down, in that case what could be done?? can the remaing member dissolve the society, and in that case who gets the exclusive right of the land after the society is dissolved??

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