I am the owner of a 2200 sq ft plot and propose to sell 550 sq ft UDS each to 3 persons retaining 550 sq ft for myself. We propose to jointly construct an apartment complex of 4 apartments by engaging the services of a known builder (individual). Individual construction agreements are required by the 3 buyers which will be registered along with the sale of UDS as mandated in TN. These will be used by them for loan application purposes. I require help and clarification on the following:
1.Do I as the owner and seller require a construction agreement? If so, does it have to be registered?
2.What is the format used for drafting the construction agreement in this situation? Please provide a format which we can use.
I would appreciate a quick response.
Asked 9 months ago in Property Law from Chennai, Tamil Nadu
you should engage a local lawyer to draft development agreement with the builder
2) do not use any ready amde format
3) agreement to be drfated depends upon facts of each case
4) you have to execute development agreement with the builder for development of your plot .
5) it should be registered to safeguard your interests
1. You require a Joint Venture Agreement to carry out what you have conceived.
2. Get it drafted from a lawyer. You are free to engage one from this portal for the drafting of the same.
1. You are planning to construct the retained portion of the plot hence you may enter into construction agreement separately for your own building with the builder.
2. The formats are not supplied here, you may engage the services of a lawyer for drafting the agreement based on your requirement as well as on the situation prevailing at your end.