Contract and Agreement Terms after Negotiations
9 months ago
Development Agreement BETWEEN Plot owner & Developer begins as plot owner expressed his intention to dispose of plots for Development to Developer for Consideration in the form of 50% Built-Up area in terms of Flats for which Developer expressed his willingness to Develop by Offering 50% Constructed Built-up area which accepted by Owner & after Negotiations settled their terms as : Exact wording are >> Shares of Owners and Developer i.e. 50 % to each shall be calculated and measured from the Ground floor to top floor of the constructed area in accordance with plan. Plot owners to get Constructed area of 50% in the form of flats out of total construction area to be constructed by the developer on the said property along with proportionate area of stilt, parking space.
Query is : Whether Builder can allot only as per Built-up area by calculating from Plan as mentioned in the beginning of Contract or Plot Owners are entitle to get share from total Constructed Flats for e.g. 5 Flats out of Ten Number of Total Constructed Flats which is accepted & recorded after Negotiations? The answers with justifications and Provisions would be highly Appreciated.
A Joint Development Agreement (JDA) is a contract between a landowner and a developer to develop a property. In a JDA, the developer agrees to provide various services, and the landowner agrees to provide the land for development. There are different forms of Joint Development Arrangement (JDA) that can be used for real estate projects. Some of the common forms of JDA are 1. Revenue Sharing Model: In this model, the landowner and the developer share the revenue or profits from the project as agreed in the JDA. 2. Built-up Area Model: In this model, the landowner receives a built-up area in the project in proportion to the land contributed, while the developer gets the remaining built-up area for sale. 3. Saleable Area Model: In this model, the landowner gets a share of the saleable area in the project in proportion to the land contributed, while the developer gets the remaining saleable area for sale. So, any deviation or breach of the conditions of JDA on the part of the Developer shall make him liable to face legal consequences, if such deviation/breach of condition is brought to the notice of the concerned Civic Authority sanctioning the Building plan and the real estate regulatory authority RERA.
It is mandatory on the part of the builder to stick with sanctioned maps and layout plans approved by the competent authorities prior to starting a real estate project. The builder must develop the project in accordance with such sanctioned plans and in normal circumstances builder cannot deviate from the same. It is both a builder’s liability to make the sanctioned plans available to the allottee at the time of booking or allotment as well as a right of the homebuyer to obtain the information relating to sanctioned plans, layout plans along with specifications approved by the competent authority.
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