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Anil Kumar Kedia (employment)     19 March 2009

Joint venture real estate business

My question is that: I am a owner of Land and I want to sale this land after construction of flats on this land alongh with one partner. The  whole construction will be done by another person and then it will be sold. Kindly advice me how I can do, what type of documents are required to do so.



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 7 Replies

A V Vishal (Advocate)     19 March 2009

Enter into a AGPA coupled with development agreement with the other person. I think it is sufficient as far as your query is concerned. In case of of Tax planning consult a very good C A in your area yto plan how to go about it

Anil Kumar Kedia (employment)     19 March 2009

Please provide me the format of AGPA with Development agreement through e-mail: anilkediya@yahoo.co.in

Y V Vishweshwar Rao (Advocate )     19 March 2009

Mr Vishal is correct . Execute  the Development Agreement &  GPA in favour of Builder ,  for construction  of Flats in Your Land and get your Proportiante Share  in the Plinth are along with Proportiante Undivided Share  in the land .  It will be with out any  investment by you .Your entire  land property will be converted in to  Flats allotted to you as per the agreeemtn betweent  You and the Builder / developer . 


If you want to become parter in the Firm of the Builder-ask the Builder to admit  you Partner in their Partnership Firm

S.PRANOYSHUBHRA (Advocate)     20 March 2009

Consult a good lawyer who will help you with the Development Agreement and the Power, it wont be of any use if you take the format and make it yourself, you may not be aware of the legallity of the document.

BHANU RASPUTRA (ADVOCATE & SOLICITOR divyatta.r@gmail.com)     30 March 2009

PL. INFROM STATE IN WHICH LAND SITUATE?THEN AS PER STATE LAW  WE CAN ANSWER PROPERLY.


IN MAHARAHSTRA AFTER SALE OF FLATS ASSOCIATION TO BE FORMED AND CONVEYANCE MUST IN FAVOUR OF ASSOCIATION.


OR CONSULT LOCAL ADVOCATE.


 

Suresh (Advocate and Solicitor)     04 April 2009

It is common where the land owner does not have the expertise or the funds to develope his land to execute a Joint Venture Agreement with a developer who has the expertise to expolit landed proeprty. You could do so as well. Your contribution will be the land and that of the developer will be his expertise and funds for construction. Based on the value of the land and the costs that are likely to be incurred by the developer provisions will have to be mad ein the agreement for distribution of the saleable area between the two of you. As an alternative you can also execute a developement agreement for a lump sum consideration or partly payable in money and partly grant od saleable area to the land owner. You will need expert lawyers advise to proceed further.

Y V Vishweshwar Rao (Advocate )     16 April 2009

i agree with Mr Suresh !


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