Hi,
We are doing an investor proposal. The total land is around 100,000 sqft out of which 13,000 sqft has itsw own 7/12. We are funding amount equal to market value of 13,000 sqft . We are investing by doing JV with the builder. Below are some points
1. Land is currently not resiential zone, It was in residential zone when it was in Municipal limit, but now it is under Gram panchyat and the status is abeyance. It should get converted into yellow zone in 3 months and then NA will take place
2. In JV we will not own any liabilities thus covering ourselves
3. Builder will first develop 87,000 sqft of land
4. Builder will give ua power of attorney through which we can sell the land in 3 years, if something happens to project.
5. Since it is investor proposal, we shall get the apartments in the building constructed in any part of project at docounted rate (50% of market value) and then builder wil buyback from us, The first year is locking period The builder can buy back in second year or third year at the rate mentioned in agreement We reserved the rights for not selling it. After 3 years we can sell the apartment on our own to market.
Is there anything we need to be cautios of. DO we need the farmer status (in state of Maharashtra) to be able to go into JV? We are in pune, so if any one of the expert would like to offer their services, we are ready to undertake this.
Thanks
Arvind PAtil
