Joint venture - real estate

There are no clauses regarding security deposit (Is it a mandatory clause?)

--Yes, you have to take money as security deposit.  If the builder commits any violations of the clauses, it will be forfeited. 

No mention of deadline of completion (it says 24 months to complete + unavoidable delays), should i ask the builder to include a penalty clause in case of excessive delay.

--Yes, you have to insert time frame for completion of the venture, In case of delay, the builder has to pay charges per day. 

Is there a way to do a background check on the builder ? (to check if he evades taxes by listing multiple company names under different people)

--Yes, you have to enquire about his background, how many ventures he had done.  Are there any complaints earlier with the owners of the land etc. You can do this work with the help of some real estate brokers.

Is it safe to register a GPA without security deposit ?

--No

Firstly , I would like to thank you for the explanation. I think legal advice is very important to execute this project safely, I will get back to you if this project proceeds to the agreement signing stage.

Well advised and opined by learned advocate Mr .Ravinder.  It is always better to discuss at length with the local advocate by keeping the builder also so that any ambiguity in the future in this regard can be ruled out.