Joint Development is a deal between the property owner/plot owner and the developer where developer reconstructs/builds/develops a new house on the former’s land by entering into a Joint Development Agreement. Such agreements are commonly reached in situations where the landowner is desirous of redevelopment/reconstruction of his property but lacks construction expertise and/or the finances to execute the same.
Upon reaching the terms of the agreement, the developer demolishes the structure which exists on the plot of land to develop/re-construct and/or build a brand new building. The new building comprises a basement, stilt parking, the requisite floors, terrace gardens, elevator, fire-fighting, CCTVs and other amenities spelled out in the agreement and/or upon receiving the requisite permission of the government authorities.
The landowner authorises the nominee of the developer along with General Power of Attorney to apply for necessary sanctions and permissions and approvals from the authority or authorities concerned and also pursues and co-operates with the developer in obtaining such or all other permissions as mandated for ensuring the due execution of the proposed work of development and construction of the proposed building. The complete upfront cost incurred is by the developer.
The company aims to organize this highly unorganized segment. With its expertise in manpower and construction, the company has been creating value for landowners by building good quality homes with modern amenities thereby emerging as a trusted name.
This model is a win-win for both landowners and developers.
