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.
This document addresses formalization of relationship between an owner of the property and a developer who 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 thereon on Flat Ownership basis.
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