Once the town planning plans have been approved by the legal authorities, there will be clarity in the details of the dwellings, car parks and proportional proportional land. On that date, an award agreement (endorsement) may be executed under the JDA, with the units allocated to each of the parties assigned for specific purposes. If the built area does not exactly correspond to the relationship agreed under the JDA, the parties may agree to adapt it to the monetary consideration. This document also does not require registration. If applicable, the Joint Enterprise Agreement (JVA) in the event that the joint venture already exists or notarized declarations duly authenticated by all potential partners of the joint venture, in accordance with Section 23.1 (b) of the RIC. If the owner retains his share of the built-up area, construction agreements with the developer should be entered into and the same thing should be recorded. Stamp duty and registration fees would be 2% of construction costs, and this document must be registered with the Sub-Registry Office, which is responsible for locating the property. 1- Are the JDA agreement, the project management agreement and the construction agreement the same document? In the case of third-party buyers, sales vouchers would be registered in their favour for the undivided share of the land and the corresponding construction agreement. Although agreements with the developer were previously called Builders Agreement, after the introduction of the TN RERA rules, it is advisable to resume the term construction contract. The description of the organisation of the joint venture/consortium/association should clearly define the expected role of each company in the joint venture in accordance with ITB requirements, both in the offer and in the joint venture agreement. 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.
Joint Development Agreement Translation