Owners share of flat in a joint venture
C.J.Sriram
(Querist) 19 February 2015
This query is : Resolved
In Tamil Nadu, recently registration of construction agreement has been made compulsory and mandatory.
In a joint venture sitution through a Joint Development Agreement, in which the owners share of the flats are mentioned, and since the Joint Development Agreement is not required to be registered, what is the position of the Title to the Flat in the hands of the Owners.
Is it a requirement to register the Joint Development Agreement in the place of the Construction Agreement, in Tamil Nadu.
What is the correct and Legal process to be followed, so that the Owners get their Title to the Flats, which is lawfully enforceable.
Does such owners share of flats also have the Governmental clearances like the Other flats(Builders share) for which Construction agreements are registered with the Sub Registrar.
Kindly advise, the legal requirements for compliance
ajay sethi
(Expert) 19 February 2015
it is advisable to register joint development agreement which mentions shares of owners and developers .
Rajendra K Goyal
(Expert) 19 February 2015
Local law involved, consult local lawyer and proceed.
T. Kalaiselvan, Advocate
(Expert) 21 February 2015
Though the joint development agreement is not required to be registered, it is advisable to get it registered to avoid future legal hassles in this regard. No doubt there will be a requirement of the original owner to ratify the sale deeds registered by the builder on behalf of the owner at the later stage on the basis of of POA, this is for an extra caution to secure the rights over the agreed flats.
C.J.Sriram
(Querist) 21 February 2015
Thanks for the advise Mr.Kalaiselvan. In TamilNadu under The TamilNadu Stamp Manual, under which Article such Joint Development Agreement are registrable, and what would be the Rates for Stamp Duty and Registration Fees. Is the recent G.O.for registration of Construction agreement also apply to the JDA,Kindly clarify.
T. Kalaiselvan, Advocate
(Expert) 21 February 2015
Compulsory registration of construction agreement is the latest rule and it has its own heading under which the stamps duty is payable and rates fixed for it. The JDA or JV can be registered under the normal and regular registration for contractual agreements of whose value cannot be estimated, you may contact the local registrar's office for further details on the issue or browse www.tnreginet.net/ to know it yourself.
