Hot Properties

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Coimbatore Homes will support you in the entire process of Joint Development.
Builder Visits the property

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.

Legal Verification
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.
Builders Offer
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.
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.
Power of Attorney
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.
Government Approvals
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.
Possession of the land

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.

On receipt of the approval the Builder commences the construction & marketing of the project.
Selling the Builders Share
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.
Selling Land Owners Share
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.
Possession of Built up area to Land Owner
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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