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Balagopal.S (Officer)     06 June 2011

Joint Development of Property

We are Jointly Developing a Property in Chennai allotted by TNHB six flats, 25years old building to be demolished and rebuilt, Many builders are approaching us, we will be signing a MOU shortly with detailed, terms and conditions.

The following are our questions.

1. Whether to register the MOU or not.

2. Whether to register the Joint Development and Agreement?

3. General POwer of Attorey will be given to the builder to demolish and rebuild?

What are conditions ON GPA? what are the privileges of the builder once the GPA is given? and we all know that the GPA to be registered.

Kindly reply ASAP.

Thanks,

 

Srinivasan.B

 



Learning

 2 Replies

Praveen Kumar (Auditor)     08 June 2011

Also, kindly look into the LTCG/STCG aspect of the transaction from the Income Tax point of view.

Advocate Rajkumarlaxman (Advocacy)     27 June 2011

you should register the MOU and also any agreement made between you and builder. GPA a special with all the specific intentions to be formulated. 


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