Facts:I want to enter into an contract or agreement for 60:40 Ratio Joint venrure for developing and promoting the vacant land with the land owner.
Questions
Q1: First of all what are types of agreement that i can enter with land owner. My role is to develop (or get it developed by third party) and land owner is asking for Advance of RS 3 crore adjustible and ratio is 60:40. It means 40% of the property is to be given to land owner at cost after full developement. (say part or full building with flats loaded)
Q2:What are the legal formalities that are reqd. in execution of the agreement or contract with land owner.
Q3: If i enter anotrher contract with thrid party for developing and constructing the property, then again type of agreement can be made with legal formalities
Q4: In what i should operate i.e. Whether Partnership firm with third party or LLp or pvt company. My role will be obtaining Land and appoint developer who will develop the vacant land by their team of contractors etc in consideration of Rs 700 extra upon Actual cost of construction and then i'l also be responsible for selling the flats constructed in these lands.And then ultimately will give 40% share of property will be given to land owner in consideration of land obtained.
Q5:Is there any other type of Operation model prevalent in such promoting industry, then please let me know
thank you for reply in advance..
