I gave my property to a builder for development on 50;50 sharing basis. He started the construction few months back and the work is about to finish in a month or two. Due to some reasons the signing and registering of joint development agreement cum general power of attorney got delayed and we plan to execute it now.The joint development agreement cum general power of attorney clearly mentions the sharing of constructed area between me and builder. it also mentions that this will be the final sharing and no changes will be made to it. It also mentions that we can sell our respective constructed areas directly to third parties and we dont need each other consent for the same. It also mentions that no NOC, conveyance deed, sharing agreement or allocation letter etc is needed from the other party if any of the party wants to sell their respective share. I have few queries regarding this: 1) will i really be able to sell my flats without the builders consent or without getting any share agreement, NOC, conveyance deed etc or any kind of clearance from the builder as mentioned in the agreement? 2) will i be able to sell my flats without making builder as a party in 'agreement to sale' or 'sale deeds' executed in favour of third parties as its mentioned in the agreement that consent of other parties is not required? 3) If yes should i change the title of the deed from '''Joint development agreement cum general power of attorney''' to '''Joint development agreement cum general power of attorney cum sharing agreement''' or adding 'sharing agreement' to the title is not required? 4) Should i make the document registered in two originals and keep one original with me as the builder will keep one set of original with him or certified copy will be enough for me for selling my flats in future.
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1) Yes,you will be able to sell your shares flat without builder consent as per the agreement.
2) You can make to direct sale but it will be good to make tripartite agreement as buyer will be free from all future tensions.
3) You can just it has Joint Venture or Joint Development Agreement and get this registered with registrar from your local area.
4) There is only one original documents if it is registered than it will be ok whether you keep or builder keeping there will be no difference.
1. You need an agreement of sharing with builder allocating share of you and builder in detail which flat belong to whom.
2. Yes you can sell same as you are owner agreement is there i.e. registered joint development agreement and further the sharing agreement.
3. Yes sharing agreement can be added in same or a separate agreement can be prepared for same.
4. Certified shall be enough though you can register two for keeping with you.
1) you don’t need builder consent to sell your flats
2) you don’t need to make builder patty to agreement for sale or sale deed
3). It necessary to mention sharing agreement in the title
4) agreement should be duly stamped and registered . Keep originals with you and give builder certified copy
You can sell flats without consent of builder.
Registered agreement is required, when the property is sold or transferred to a third party and not between Land Owner and the Builder.
While selling the Land-Owners ratio of the Flats, the DA & POA alongwith the "possession letter", should be annexed with the Sale-Deed, which is sufficient enough to transfer "title-ownership", to the new owner, for all purposes.
1. Yes if Agreement expressly mentions it then you can but But if builder is joint owner then his consent will be required.
2. You should execute a power of attorney through him with express right to sell, transfer the said flats on his behalf.
Hi,
You are suggested not get in to hassle by thinking so much and whatever done is good for you. You may proceed with this because your rights are protected by it.
1. A properly Stamp Duty paid & Registered Development Agreement is legally sufficient for all future dealing and POA is not required. Each & Every dealing can be done based on the development agreement, provided it is registered. An unregistered agreement is legally not enforceable.
2. Even IF POA has to be taken for any other reason, THEN registered POA should be executed separately.
Keep Smiling .... Hemant Agarwal
Ok.. so its clear to me now that i needn't get builder consent for selling my share.. but do i need to change the title from '''joint development agreement cum power of attorney''' to "' joint development agreement cum power of attorney cum sharing agreement''' ????
Yes the sharing agreement is required between you and builder.
No need to change the title
document speaks for itself
If the builder allots you your share of flats by executing registered allotment agreements then you can sell your share of flats to third parties without needing builder's NOC, in absence of joint DA having been executed
If builder has not executed allotment agreement as above for your share of flats then in all your sale agreement with third parties, you will need either builder NOC or make builder a confirming party
You can name it anyway but the recitals and averments in the said agreement should cover everything
1. You can sell the proeprty without the consent of the builder, however since the builder is having only GPA to sell the proeprty, he may require your help to ratify his registered sale deed in favor of the buyer from his side.
2. Yes, you can.
3. Don't stretch your imagination too far and become anxious of too many things, the current agreement between you and the builder is sufficient to take care of all the issues.
4. It is up to you to prepare the document in duplicate and retain one original by you while the other will be with the builder.
As opined earlier in the previous post you can go ahead with the current set up of the agreements you have already made with the builder instead of making simple things complicated.