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| Coimbatore
Homes will support you in the entire
process of Joint Development. |
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| Builder
Visits the property |
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On
examination of the property, the
builder will give you an offer for
development of your property. This
offer basically consists of the
percentage of the built up area
which shall be offered to you and
the amount of security deposit that
will be paid. This security deposit
is refundable advance which has
to be funded back to builder on
successful completion of the project.
The percentage of area offered to
you is arrived at after taking into
account several factors such as
cost of construction, escalation
in cost of construction, cost of
obtaining approvals for the building,
marketing & administrative expenses
and most importantly the selling
price of apartments in that area.
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| Legal
Verification |
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If
you find the offer attractive, you
can indicate your acceptance and hand
over a copy of the title documents
to enable the builder to get the same
verified by their advocate. |
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Builders
Offer |
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If
the builder’s advocate approves
the title, a draft copy of the Joint
Development agreement laying down
the terms and conditions of the development
is given to the landowner who can
go through the same by themselves
or get it approved by their advocate. |
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Agreement |
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If
the draft of the Joint Development
agreement is found to be OK, the same
is prepared on stamp paper. This agreement
is signed by the Builder & landowner
and the builder pays the first portion
of the refundable advance to the landowner. |
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Power
of Attorney |
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Along
with the Joint Development Agreement,
the landowner also give a Power of
Attorney to the Builder to apply for
the various approvals required for
the construction and also to sell
the portion of the area coming to
the Builder’s share.
All the procedures & formalities
& costs for approvals are taken
care by the BUILDER & the landowner
need not worry about anything. |
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Government
Approvals |
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The
Builder then proceeds to prepare the
plan for the building taking into
account the requirements of the landowner.
Once the plan is ready and approved
by the landowner, the same is submitted
for approval by the Government Authorities. |
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Possession
of the land |
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After
the plans are submitted, the builder
takes possession of the land from
the owner. At this stage, the balance
portion of the refundable advance
is paid to the landowner.
After
taking possession of the land, the
Builder proceeds to demolish the old
building and make the site ready for
commencement of work on approval of
plan. |
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Construction |
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On
receipt of the approval the Builder
commences the construction & marketing
of the project. |
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Selling
the Builders Share |
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As
and when the apartments coming to
the builders share are sold, the proceeds
are received by the Builder in stages
and the building will register the
apartments in favour of the buyers. |
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Selling
Land Owners Share |
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Out
of the apartments coming to the landowners
share, they may like to retain some
apartments & sell the balance.
The landowner can decide to sell his
apartments initially or sell the same
when the building is 50% over or when
it is nearing completion or after
completion. Based on the requirement
the BUILDER will sell the landowners
apartments & pass on the proceeds
to the landowner as and when the same
is received from the buyers. When
the landowners flats are sold, and
a certain percentage of payment received,
the landowner will have to register
these apartments in favour of the
buyers. |
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Possession
of Built up area to Land Owner |
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On
completion of the project, the apartments
being retained by the landowner are
handed over to them and the advance
which was given by the builder at
the time of commencement of the project
is refunded back to him. |
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