Joint development & sharing agreement
aseem
(Querist) 14 December 2014
This query is : Resolved
Hi,
I am planning to buy a flat in Bangalore, This is Joint Development One Builder / developer & 7 landowner, I am buying property from one of land owner.
Their is a registered joint development agreement (JDA), between land owners & developer with 40/60 ratio. but it doesn't talk about sharing division among land owners.
Further to that their is a notarized (not registered) sharing agreement, which mention which flat belong to builder & which flat belong to which land owner.
I want to understand is above sharing agreement need to be registered or not. and what can be problem with unregistered sharing agreement.
Thanks
Aseem
Advocate M.Bhadra
(Expert) 14 December 2014
Registration of Development Agreement is not compulsory to all State in India, but you should look on the following documents:
TITLE
Title to a property is one of the most important factors to be considered before purchase.
APPROVED PLANS
Approved plans and commencement certificate by the concerned authority should be inspected, especially for buildings under construction.
POWER OF ATTORNEY
On several times property is sold through a person holding power of attorney (POA) on behalf of the owner. This POA should be closely scrutinized to ensure that it is properly executed.
NATURE OF LAND
Such aspect should also be considered. For example, if the land is leasehold and the residue tenure of lease.
NOC AND DUES
However no-objection of a society is not required for sale as per the new model bye-laws, it is preferable to obtain such a no objection.
INCOME-TAX
Should enquire whether there are any proceedings against the seller under section 281 of the Income-tax Act, 1961.
PERMITTED USER AND RESTRICTIONS
Such aspect should be verified as well. For example, one should see whether the property is residential or commercial as per the Development Control Regulations.
DOCUMENTATION
Valid documentation should be put in place for purchase of the property. The sale document should be properly stamped and registered and the original title deeds should be taken by the purchaser from the seller.
Rajendra K Goyal
(Expert) 14 December 2014
Consult a local lawyer and show him all the documents.
prabhakar singh
(Expert) 14 December 2014
The agreement not required to be registered is registered while one required to be registered is unregistered in your case.
It would be best to visit local lawyer for perusal of two agreements to check validity of the partition agreement.
ajay sethi
(Expert) 14 December 2014
sharing agreement between builder and land owner requires registration
T. Kalaiselvan, Advocate
(Expert) 16 December 2014
Sharing agreement between the landowners and builder is not registrable compulsorily in Bangalore. However to ascertain the validity and other confirm other legal issues and infirmities, if any, you may take an opinion from a local lawyer and then proceed if it is found to be genuine.
