Landowner also developers through jv - jda

Hi, We, mother, brother & I, are Landowners of a very substantial area of land in the Municipal Area of Nagpur Main City. Clear title. All paperwork up to date. We want to develop this land ourselves (only plotting and selling as plots) but brother and I both live out of India - so have limited time to look after the project ourselves. Hence we were ploying with the idea of starting our own development company as a JV with someone whom we can offer equity & pre agreed monthly remuneration for 1. His Investement (complete developmental costs) which will be the working Capital 2. Overlooking all developmental stages, physical planning, Paper work and eventually selling the plots As I understand there would be an unregistered JDA between 1. us 3 as Land Owners and (ABC L/O) 2. us 3 with the 4th partner as Developers (M/s ABC&X developers) The unregistered JDA agreement will give possession of the property to M/s ABC&X developers (The Land owner ABC L/O will be owning the land as ‘Capital Asset’ or as’ Stock in trade) for the limited purpose of development. It would not amount to a transfer - it would be delivered only as a license for the development of land and not a transfer per se. Hence I believe it will not give rise to capital gains till the plots are developed, sold and the ABC L/O are paid. Can you give me some advice on this matter please? Especially with regards to the legality, feasibility & tax implications. Regards, Jay