Hello !
One of my friend (X) has 382 yards vacant land, and also his neighbor (Y) also has 382 yards vacant land, with these total land 764 yards. one builder (Z) had approached them to start a project of 20 flats apartments with 5 floors in AP
Mr. Z demanding for GPA agreement between X,Y and Z, as he wanted both the land lords need to agree on this, as Z says otherwise he can not sell the his share flats, in this case X will get 5 flats and Y will get 5 flats
Question 1: My question is which agreement will be safer for the land lords in such case, when builder wanted to sell of his 50 % ( 10 flats)
Question 2: Will that GPA will have valid period, and after that period GPA will loose its rights
Question 3: Is X and Y need to pay any tax to government, on their share 5 flats even then they do not want to sell any of the flats, and any service tax do they have to pay to government if at all how much percentage on flat cost
Question 4: Why not X and Y insist Z to have development agreement, instead of GPA
