Sibsankar Datta (Freelance) 12 January 2024

Procedure for change of consideration in jda.

If in a Area sharing duly registered Joint Development Agreement (JDA), the owner wants to get lumpsum consideration from the Developer at the nearing completion stage of the project, instead of getting alloted area shared, what is the procedure to be followed for lumpsum receipt by owner if the Developer agrees?

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Quick Summary

If you have a registered Joint Development Agreement (JDA) and wish to receive a lump sum payment from the developer upon project completion instead of your allocated share, a specific procedure must be followed. Both parties can execute a supplementary agreement to formalise this change. Additionally, registering an Agreement to Sell and a General Power of Attorney in favour of the builder is recommended to facilitate the lump sum receipt.