We are members of a housing board colony comprising more than a hundred houses. We are going for redevelopment of the entire colony. Typically, a portion of the U.D.S will be relinquished in return for a newly constructed flat. The agreed terms shall be covered in an individual MOU & JDA between the owners and the builder/ developer. Kindly advise whether a construction agreement need be registered under the present owners’ cost.
A.G. Lakshmipathy, Chennai
A Construction Agreement between the builder and the respective owner(s) has to be executed and registered for the new flats proposed to be constructed. The same will disclose the built-up area, particulars relating to the new flat such as flat number and floor in which the same is located, etc. as well as details relating to car parking slot(s). The said Agreement should also mention the revised undivided share of land retained by the owner(s) proportionate to the new flat. At the time of entering into the Joint Development Agreement, the parties may mutually decide as to who shall bear the cost of registration.
