Under RERA, incriminating responsibilities are transferred to a developer, for example. (B) limiting the obtaining of more than 10% of the consideration of an advance Allottee if the agreement is not concluded for sale; Non-portability of the majority of the rights of a real estate project without the authorization of 2/3 of allottees, legal obligation to make public the accuracy of the advertisement as well as to provide the project within the planned period of realization, which would not be the case if an allottee would be entitled to a refund of interest, mandatory prior authorization of the Allottees in case of modification of the sanctioned plan, etc. Under a joint development contract (“JDA”), the owner/developer enters into an agreement with the landowner for the construction of his land. The landowner transfers his right to land development to the owner/promoter. In return, the owner/developer will assign the owner of the land a certain number of dwellings/units (in case of distribution of the JDA area) or a certain percentage of the gross turnover (in the case of a contract to participate in JDA turnover). For a better understanding, the framework below is presented: Please note that all of these cases are a bit complex and that you should only interact as a buyer with the licensed owner under the joint development contract. In many cases, the indirect beneficiary of these transactions, i.e. the signatory of the family comparison contract, goes directly to the buyers to conclude the agreement. The likelihood of fraud/fraud is high in such cases. Therefore, any agreement should be made directly with the owner of the land whose name is mentioned in the JDA.
Finally, you should also check the copy of GPA or Family Settlement Agreement and review to get more clarity. In a typical common development scenario, owners enter a JDA in which the proponent determines the terms of agreement, such as the ratio. B allocation of the built-up area in the proposed building, anticipated (refundable or not), time for completion of construction, consequences on delay/defect, approval power, construction, mortgage or sale of the developer`s action, etc. At the time of notification of a JDA (including amendments or additional acts), no provision is provided at the time of the date and would be valid and enforceable without registration. Historically, the taxation of the JDAs has been overshadowed by controversy. Previously, the tax authorities had argued that when an owner contracts a JDA with a real estate developer, the tax point is when such an agreement is reached, although effective consideration of the sale can only be received later, whereas the owner of the land would generally propose the same to taxation as if he received a consideration. Under the RERA era, transactions between private equity funds (“EP”) and real estate developers would undergo a significant change, which is essentially due to three aspects: (a) the role of the private equity investor in day-to-day business, b) risk return expectations; and c) the exit of real estate projects.