Thus, the owners and developers are teaming up for a joint venture project to develop the land for the benefit of both. In order to avoid probable disputes, misunderstandings between them and the completion of the project, they conclude a joint enterprise agreement clearly specifying the terms of the transaction. The development agreement must be written and registered. Protecting your intellectual property is a challenge, especially when concluding a common development agreement or “JDA.” If two or more organizations want to collaborate to develop or improve their products, combine or integrate their technologies or market a new product together, they have many opportunities to document their relationship. In a typical common development scenario, owners enter a JDA in which the proponent determines the terms of agreement, such as the ratio. B allocation of the built-up area in the proposed building, anticipated (refundable or not), time for completion of construction, consequences on delay/defect, approval power, construction, mortgage or sale of the developer`s action, etc. At the time of notification of a JDA (including amendments or additional acts), no provision is provided at the time of the date and would be valid and enforceable without registration. A joint development agreement generally contains the intention of the parties to develop the country, the obtaining of funds, the timetable for the completion of the project, the distribution of land/housing developed between the owner and the owner, Obligation for the developer to comply with the legal requirements, costs associated with obtaining legal authorizations from the competent authority, search for potential buyers, common spaces and facilities that determine the percentage of interest unavailable for the common spaces and facilities available to each owner, in short, joint venture agreements clearly define the obligations and responsibilities, obligations and rights of the owner of the land and the owner. Once the town planning plans have been approved by the legal authorities, there will be clarity in the details of the dwellings, car parks and proportional proportional land. On that date, an award agreement (endorsement) may be executed under the JDA, with the units allocated to each of the parties assigned for specific purposes. If the built area does not exactly correspond to the relationship agreed under the JDA, the parties may agree to adapt it to the monetary consideration.
This document also does not require registration. Now you have to wonder why it is imp to save JDA. At the macro level, neither the owners nor the landowners can dispute the terms and conditions of the registered JDA. Second, it gives authenticity to the agreement. In one case, I found that there were 23 corrections in the joint development agreement. It was almost impossible for the buyer to know whether the corrections were true or not. When the joint development contract is registered, the buyer can directly request a certified copy compliant with the shelter. If the owner retains his share of the built-up area, construction agreements with the developer should be entered into and the same thing should be recorded.
Stamp duty and registration fees would be 2% of construction costs, and this document must be registered with the Sub-Registry Office, which is responsible for locating the property.