The term “joint venture” is described as “the activities of two or more individuals or companies working together.” Often, a person may own some land, but may not have the means to use it fully. Similarly, a resourceful owner/developer may need a little land to exploit his resource cost-effectively. Vertical development of land with a number of dwellings requires a lot of money, manpower and expertise that an individual cannot possess. In addition, unlike the construction of an independent house, collective accommodation or the construction of housing are more complicated. It requires the approval of various authorities, such as water supply, sanitary service, power centre, airport authorities, pollution control authority, survey service, telephone service, etc. The project to build public housing must also be subject to a much stricter compliance with the procedure for applying for credit for projects with the banks. I plan to buy an apartment in Bangalore, It`s Joint Development One Builder / Developer – 7 landowners, I`ll buy real estate from a landowner. The priority objective of a development agreement is to determine how the landowner and the owner. A well-developed development contract ensures that the landowner and the developer do not enter into conflict at a later date.
In addition, it ensures that the development of the land complies with the law and that the legal authorities do not take any criminal action against the project. Thus, the owners and developers are teaming up for a joint venture project to develop the land for the benefit of both. In order to avoid probable disputes, misunderstandings between them and the completion of the project, they conclude a joint enterprise agreement clearly specifying the terms of the transaction. The development agreement must be written and registered. 8. If the above work is completed in the manner provided for by the above provision, the architect must notify the owners in writing of the removal of their surplus materials and installations and, if the owners do not do so within seven days, the owner may sell it by public auction and credit the owners with the net amount realized. The architect must then establish and certify in writing what (if anything) should be paid for by or by the owner, for the value of the work and the materials thus borne by the owner and the costs or losses that the owner would have incurred when the work was acquired to be completed, the amount, if any, which goes to the owners and the amount that will be certified is then paid by the owner or by the owner, and the certification of the architect must be final and conclusive between the parties.