Execute development agreement with builder 

it should be stamped and registered 

also supplementary sharing agreement 

ask builder to give bank guarantee for completion of work 

You have to execute gift deed in favour of wife for 50 per cent share in plot 

it should not take more than 15 days 

Drafting of an agreement especially of this nature is a time consuming and tedious process which can not be sumamarised  here in reply to your query.

You need an advocate with whom you would show all the papers, sit with him to discuss the issues and then a proper Joint Development Agreement can be drafted.

- A Collaboration Agreement is needed 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 per law, the builder is not the transferee or buyer of the flats as per the Transfer of Property Act, 1882 under the Collaboration Agreement.

- The ownership lies with the owner of the land, but the landowner grants the builder along with development rights, a license to enter the land for the purpose of development.

- The license/authority to enter the land is typically given by way of a Power of attorney issued in favor of the Builder, and this General power of attorney should be registered with the Registrar in order to be legally binding on both parties.

- Hence, the transfer of the land on which construction will be carried by the Builder, is mandatory. 

- On completion of the construction by the builder, the occupancy right is granted by the competent authority to the owner, and the owner will himself execute the sale deed in favour of the buyers.

- Further, in case of breach of the terms of the Collaboration agreement, the land owner will have the right to revoke the power of attorney.

- You should take services of a lawyer for drafting the agreement.

1. Key Aspects for Agreement and Power of Attorney (POA):

   • 
     Builder Obligations: Specify timelines, quality standards, and penalties for delays.

     • 
       Penalty Clause: Include a clause for financial penalties if the project exceeds the 2-year timeframe.
     • 
       Bank Guarantee: Ask for a refundable bank guarantee as security.

   • 
     POA Scope: Limit the POA to construction-related activities (e.g., obtaining approvals). Exclude rights to sell, mortgage, or transfer ownership.
   • 
     Delivery Assurance: Ensure the builder registers your 3 flats in your name before possession.

2. Securing Flats in Case of Demise:

   • Include a clause in the agreement specifying that the builder will register the 3 flats in the names of your wife and children in case of your demise during construction.
   • Execute a specific Will bequeathing these flats to them.
   • Alternatively, create a registered family settlement agreement ensuring the distribution.

3. Preventing Misuse of POA:

   • Restrict the scope of POA: Clearly define it for project-specific purposes only.
   • Include a revocation clause allowing you to terminate the POA if misused.
   • 
     Monitor activity: Keep track of transactions undertaken by the builder.

4. Adding Wife as Co-owner:

   • Process: Execute a gift deed to transfer part ownership to your wife.
   • Cost:

     • 
       Stamp Duty: Minimal (around 1–2% of the land value for family transfers in Odisha).
     • 
       Registration Fee: Nominal charges (~₹1,000 to ₹5,000).

   • Time: Typically completed in 2–3 days.

For detailed, personalized advice, consider a phone consultancy.
Hope you find the information helpful. You are free to contact me for further discussion. If you could spare two minutes to write a review, it would be greatly appreciated.

Thank you.
Shubham Goyal

Dear Client, There are a few things that a person needs to be careful about at the time of signing the deed and handing over the power of attorney to the builder for ensuring his interest. It will demand that the contract which is entered between the builder reflects a timeline when such a project is expected to be completed. Include also a penalty clause specifying an amount of compensation if such commitment beyond two years is delayed.

The contract should also carry construction milestones. The disputes can be amicably settled through arbitration. Get it registered with the local sub-registrar to give the strength of enforceability. To make the transfer of three flats available to your wife and children at your death due to some cause during the period of construction, get a provision in the agreement for this transfer or execute a separate will or declaration of intent for this purpose.

Alternately, a trust deed or an agreement of joint ownership could also be drafted to protect their interests.Draft a special power of attorney limiting the powers of the builder strictly to the things necessary for the project such as getting permits and representing you in the construction, excluding from it sale, transfer, or mortgage of the property without your written consent. If you would like your wife to be a joint owner of the plot, you can have a gift deed or a sale deed prepared in her name. This will incur stamp duty, approx. 2-3%-and registration fees. This should all be done at the sub-registrar's office in Bhubaneswar and shall take approximately about a week in total. You should hire a property lawyer to draft and review all agreements and legal documents that would ensure your interests are very well protected during the process. 

Hope that this helps you to solve your problem.

There are broad parameters just ensure that the averments are in your favour and same is registered