About this document
This document seeks to create a formal arrangement between an owner of the property and a developer who actually purchases the property from the owner for the purpose of developing the same into apartments and flats by demolishing the existing buildings or structures on the Property and constructing new buildings on it to sell on the basis of Flat Ownership.
The Owner by way of executing this agreement agrees to entrust and hand over to the Developer the work and right of Development of the Property, and the Developer agrees to develop the Property as permitted by the concerned authorities;
The involvement of the owner continues since the Owner is agreeable to directly convey the said land with the new buildings thereon and other structures to any Co-operative Housing Society or other body that will be formed by the Purchasers of flats and other premises in such building upon completion of the development;
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 the 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 sell the property for development of his property;
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.
Contents
- Compliance with existing laws;
- Payment of consideration amount;
- Payment of costs of development- responsibilities clearly defined;
- Representations of the owner;
- Representations of the developer;
- Successors and Assigns;
- Rights and liabilities of the parties;
- Dispute resolution;
- Force Majeure; Exclusivity.
Draftsman
This document has been drawn by Rakesh Taneja, unconnected with Net Lawman. Rakesh Taneja will welcome your contact for further legal help. There may be a charge for Rakesh Taneja services.
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