Agreement For Redevelopment

The development agreement should list the general specifications and amenities to be provided to the dwellings located in the new building on the company`s land. The development agreement should contain, at the end of the agreement, a correct timetable for the property, indicating the location of the property together with the name of the suburb, the final number of the land, the CTS number, the area of the land and the communal district number. The land rehabilitation enterprise includes a massive volume of Multi-Crore rupees as well as the fate and future of all members of the company. Once the property is transferred to the developers, the company has in hand only legal documents on which it can rely and, in case of an unfavorable situation, rely on the completion of the successful task of rehabilitation. As a rule, the drawings of all legal documents related to rehabilitation are drawn up by the developers` promoters and sent to the approval of the company or lessor. Companies, on the other hand, come to us to look at them. As seniors, we are well inspired in the field of reviewing and verifying all types of legal documents in the most defined and methodical way. After precise and meticulous studies, these drawings are carefully examined, scanned and examined by us. Timely discourse from legal experts or consultants like us, who are familiar with remediation laws when it comes to the scientific and systematic development and analysis of all legal documents related to rehabilitation, can avoid the threat of such unforeseen adversity. A renovation contract, as the name suggests, is a contract for the restoration of an old building between residents and the developer. But it`s not as simple as it sounds; The housing corporation must exercise due care to ensure that the residents` business interests are safeguarded.

The drafting of a remediation document is a very important part of legal practice and advocacy; It must be understood that perfection in the formulation is not achieved, unless one understands the relevant provisions of the laws, laws and rules, as well as the facts, figures and language of their general conditions of sale. Many housing companies/landlords suffer in the process from poor quality formulation, lack of documentation and a correct understanding of sanitation laws. Another distinctive feature of the development agreement is the fact that the property, i.e. the land/building, remains the property of the company in the real estate map. What is granted to the developer is the right to exploit the area that he must hold as an open-ended space, which he is allowed to dispose of and make a profit. This was clearly established by the Bombay High Court of Chaturbhuj Dwarkanath Kapadia V/s. CIT 260 ITR 491, when it found that “the purpose of entering into a development contract is to enable a professional client/contractor to make a profit by finalising the building and selling the apartments at a profit. The objective of these professional contractors is only to make a profit through the completion of the building and, therefore, there is no interest for the country in their favor under such agreements. “Such agreements are only a method of remuneration of the client for its achievements during the construction of the building, as at Gurinder Developers Vs. Kurla Konkan Niwas Co-operative Housing Society (2000) 3 Mah Lj 131 Indicated Then, grey areas, pitfalls and gaps are uncovered and a written report to our client or owner companies, communicating to them the areas of alerts and awareness and forcing developers to include/correct/provide the appropriate coverage before completing all legal documents of the renovation. . .