As regards third-party buyers, deeds of sale of shares of unlisted land and corresponding construction contracts would be registered in their favour. Although the agreements with the developer were previously called Builders Agreement, it is advisable, after the introduction of the TN RERA rules, to use the term Construction Agreement. Protecting your intellectual property is a challenge, especially when concluding a Joint Development Agreement (JDA). If two or more organizations want to work together to develop or improve their products, combine or integrate their technologies, or commercialize a new product together, they have many opportunities to document their relationship. Please note that the execution of the endorsement does not cause any damage if it is also registered. Otherwise, the endorsement is just another piece of worthless paper. For example, in one case, 23 dwellings with specific housing numbers were assigned to the landowner under the JDA. An amendment was then signed. The number of dwellings has been increased from 23 to 39 and the number of dwellings has been changed. One of my clients bought an apartment like this. After 18 months, there was a dispute between the client and the landowner. Now my client is in a soup where to go.
If the owner(s) retain their share of the built-up area, the construction contract(s) must be concluded with the developer and the developer must be registered. Stamp duty and registration fees are 2% of the construction costs and this document must be registered at the sub-register office responsible for the location of the property. Now, you have to ask yourself why it is important to register JDA. At the macro level, neither the developer nor the landowners can challenge the terms of the registered JDA. Second, it gives the agreement authenticity. In one case, I found that there were 23 corrections in the Joint Development Agreement. It was almost impossible for the buyer to know if the corrections were real or not. On the other hand, if the joint development agreement is registered, the buyer can request a certified copy directly from the sub-registrar`s office.
It is very normal for the landowner to transfer rights/title to the property to his family member as part of family regulations. These transfers are made by GPA. In other scenarios, the landowner asks the buyer to transfer the money to a family member. The reason for these scenarios is “the heir.” The country is hereditary and, in most cases, I have observed that the joint development agreement is signed by 15 to 20 people, including children under the age of 10. In such cases, either one of the landowners holds surrogacy from all stakeholders, or there is a family comparison agreement between landowners to allow a person to transfer the property through surrogacy. In many cases, I have observed that landowners own benami. Therefore, the buyer should be especially careful. Please note that all of these cases are a bit complex and as a buyer you should only interact with the licensed landowner under the joint development agreement. In many cases, the indirect beneficiary of these operations, that is: The signatory of the GPA / Family Settlement Agreement, directly to the buyers to conclude the operation. The probability of fraud or fraud is high in such cases. Therefore, any agreement should be entered into directly with the landowner whose name is mentioned in the JDA.
Finally, you should also review and review the copy of the AMP or family agreement to provide more clarity. Another clever trick from project owners. The joint development agreement is executed and registered in order to comply with the rules and rules. Subsequently, a separate addendum to the joint development agreement is signed. This is either an amendment to some of the existing clauses of the JDA, or additional clauses that will be part of the JDA. If cooperation is simple and development efforts are minimal, the parties can use standard licensing agreements and commands. If the parties plan to set up a day-to-day business and make significant investments, the creation of a separate joint venture may be the best way to proceed. . . .