As regards third-party buyers, deeds of sale of shares of unlisted land and corresponding construction contracts would be registered in their favour. Although the agreements with the developer were previously called Builders Agreement, it is advisable, after the introduction of the TN RERA rules, to use the term Construction Agreement. 2) Delivery date in the case of JDA 1. Allocation of areas: the supply period is the period during which possession is transferred by the transfer of a transmission instrument or by letter of allocation or the demarcated area. 2. Participation in turnover: the date of delivery shall be the date on which the invoice is invoiced or the payment made, depending on the earlier date. 3. Value of delivery The value of the delivery is determined on the basis of the advertising rules for the valuation of the delivery, which are explained in section 15 of the Central Goods and Services Tax Act, 2017, when the value of the delivery is determined in relation to JDA. The valuation must be based on the actual value of the transaction or the cash value received.
To conclude, if a developer enters into a development contract with a landowner, the GST should therefore be paid by the landowner if the developer entrusts to the landowner, through the conclusion of a transfer deed or a letter of allocation, the possession or rights of the complex, building or civil construction constructed. Therefore, if the landowner receives from the developer a property built in return for the provision of land, the landowner would be responsible for paying the GST. The GST rate applicable to such a transaction would be 18%. Now, you have to ask yourself why it is important to register JDA. At the macro level, neither the developer nor the landowners can challenge the terms of the registered JDA. Second, it gives the agreement authenticity. In one case, I found that there were 23 corrections in the Joint Development Agreement. It was almost impossible for the buyer to know if the corrections were real or not. On the other hand, if the joint development agreement is registered, the buyer can request a certified copy directly from the sub-registrar`s office. 1- Are the JDA contract, the contracting authority contract and the construction contract the same document? In a typical common development scenario, owners finalize a JDA with the developer who defines the terms of the agreement, for example.B. the report of the distribution of the built area in the proposed building, the advance (refundable or non-refundable), the time of completion of the construction, the consequences in case of delay / failure, the power to obtain authorizations to carry out the construction, mortgage or sale from the developer, etc.
As is currently the case, there is no provision for the registration of a JDA (including amendments or additional documents), which would be valid and enforceable even without registration. Once the urban plans are approved by the legal authorities, there will be clarification on the details of housing, parking spaces and proportional shares without sharing the land. On that date, an allocation agreement (amendment) under the JDA may be concluded, providing for the accommodation allocated to each of the parties. If the built-up area of the dwellings does not exactly comply with the relationship agreed under the JDA, the parties may agree, by mutual agreement, to adapt it in return for a financial consideration. This document also does not require registration. Let me make it clear that I am thinking here, by registration, that the joint development contract between the developer and the landowner should be registered with the sub-registrar`s office. . . .