Getting into joint venture with gpa

Mid level Manager

Hi,

 

Firstly I think this site is a amazing concept and very helpful for common people who find it very complicated to deal with law matters.

 

My query is as follows:

 

My dad owns a plot in Bangalore for close to 20 years, however my dad only has a GPA agreement and somehow has not registered the property in his name. Now a builder has approached us for a joint venture in construction of a building on the plot. Entire construction will be carried out by the builder and he is ready to share it in 50:50 ratio.

 

Can my dad go ahead for the JV with his GPA agreement or is it mandatory to register the property in his name?


And in case we want to register the property now, should the original owner be present for registration?
It will be difficult for us to track him now.

 

Please do try to answer my queries. Thanks in advance.

 
Reply   
 
Lawyer

Mr. Srinivas it depends upon the term of the G.P.A and Local Bye Laws. Its you have to see that whether the G.P.A gives your father to sale/transfer the property to third party. Secondly you have to see that wether the sub-registrar could register your Joint Venture on the basis of unregistered GPA. If Joint Venture/consortium get registered than the building could be sold through registry. Any futher query please contact on piyushsharma@lawyer.com

 
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Mid level Manager

Thanks for those pointers Mr.Piyush, I will check the GPA agreement and revert back.

 
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