Hello to all advocates,
Being a two individual site Landlords, we had signed an MOU with builder few months back on 100/- stamp duty paper, the irravocable written contents are followed like this;
1. 50:50 share for both (builder/landlords) parties on constructed flats
2. GPA(general power of attorney) and RDA(registered development agreement) agreements would be signed by both the land lords in the name of builder in future before construction starts
3. 40K agreed to pay per flat by each land lord, for the expenses of Transformer and Generator after completion of flats
4. Two of land lords flats agreed to keep under mortgage with Muncipal Corporation
5. Landlords share of their Individual flats House tax and electricity connection expenses need to be born by Landlords only
6. Three of us agreed to deviate the 10% on setbacks for above apartment, and penalty amount agreed to share proportionately by three of us
I request the advocates to clarify on these doubts which would be more helpful;
- If at all both of us(landlords) want to withdraw from above agreement, Is the builder has any rights on us to go a head legally based on this 100/- stamp duty bond paper which states irrovocable or else what actions we should take?
- What are the clauses need to be mentioned in GPA, which would be safe for landlords side?
- Is this RDA(registered development agreement) would be sufficient for us to sell any of landlords allotted flats in future generations?
- Landlords mortgage two flats releasing by builder, does it needs any time duration in agreement?
- What is Construction agreement ? is it required to have from builder other than RDA ?
It would be more helpful for us to have clear understanding what precautions need to be taken care, if you reply soon !!!!!!!!!!!!!!!!!
Thanks & Regards
