Being a builder, I would like to know if I enter a registered development agreement with a land owner for development of a project, in that case can I incorporate in the same agreement all the powers which the land owner has delegated in separate registered power of attorney.
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1. yes.you can include all the power which are necessary to execute the construction works.
2.However the said development agreement even if containing all those powers are not enough until and unless the execute and register a separate POA on that regard.
3.in other words execution of both the DA and the POA is essential,mandatory and sine qua non.
How can I incorporate my allocated share in such development agreement so that i am not required to register my share separately if i hold it?
There would be a separate clause wherein the respective floors and number of flats falling within the allocation of alndower and developer can be mentioned.
Take help of an advocate to draft such agreement. He will take care of this.
you can in registered development agreement incorporate all powers which landowner has delegated in regd POA
your allocated share can be mentioned in development agreement
get it drafted by local lawyer
The development agreement is different to that of the General power of attorney deed and the conditions therein.
You may see that if some conditions do not suit this agreement, you may change them.
You may have the proposed agreement drafted by an advocate in local so that you can highlight all the conditions in the agreement properly
One or more land owners may enter into an agreement with a Developer to construct a Building and then to share the Built up area in a definite proportion. Here again the Land owner may be owning the land as ‘Capital Asset’ or as’ Stock in trade’.A person owning a piece of land has various alternatives to get revenues out of it (apart from leasing it out or using it as a commercial property). Fir.A Joint Development Agreement. This is an arrangement between an owner of the land and a builder where the land owner contributes the land and the developer undertakes the responsibility of obtaining approvals, property development, launching and marketing the project with the help of his financial resources. As beneficial it is, it’s not devoid of any limitations.