Property or land development agreement
The system of apartment ownership has given rise to another document called Development Agreement. Instant document addresses formalization of relationship between a Developer, who enters into an agreement and the owner for development of the property and to build apartments.
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About this document
This one is a kind of collaboration agreement that will address the commercial arrangement entered between a Developer (the developer is a person in the business of building construction) and the owner of a property for development of the property and to build apartments on it for sale. The concept arises from a situation where the owner of the land is not in a position to spend money and the builder is not the owner of the property, both of them though wish to earn out of the development of the property by constructing commercial or residential apartments in the same.
Compliance with various land laws and regulations is a complicated exercise, which we have taken care of in the drafting of the agreement.
Who will use this document?
- A developer or builder (both the words have he same meaning) who enters into an agreement with the owner of a land, which is capable of development;
- Any owner of a land, who wants to entrust the development of his property to a developer.
Application and features
- All usual basic provisions to protect your interest;
- Explanatory notes to cover every issue including need for stamp duty and registration;
- Flexible to suit peculiar situations;
- Addresses commercial and/or residential nature of development of property.
- Compliance with existing rent laws;
- Payment of consideration amount;
- Payment of costs of development- responsibilities clearly defined;
- List of prohibited activities;
- Termination and after;
- Relationship of parties;
- Work Obligations;
- Dispute resolution;
- Rights and duties of the parties.
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