Stamp Paper For Joint Venture Agreement
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With the implementation of the Consumer Protection Act 1986, there are parallel mechanisms for resolving disputes concerning the sale of services or goods. The Consumer Protection Act provides for a faster remedy without payment of the exorbitant legal fees to be paid when filing a complaint for certain services before the civil courts. Under the Special Relief Act 1963, the owner of the land receives substantial relief if, in the joint venture contract, the contracting authority does not complete the construction within the time limit set or no longer gives ownership after the completion of the construction. The same applies when the construction is deficient or if poor quality building materials have been used in the construction. If important amenities such as water and electricity are not provided, the contracting authority must compensate the owner. However, the consumer court does not offer a panacea against all disputes related to the joint venture agreement. Whenever it is complicated and involves legal issues and facts, the plaintiff must knock on the doors of the municipal civil court. If, for some reason, the developer has not presented itself as a party to the sales contract, at least the developer should be one of the confirmation cookies. Similarly, similar precautions should be taken, while the registered deed of sale of the property will be executed and received in due time.
Since a joint venture contract is essentially a partnership and a royalty and interest are generated by the developer for the owner`s property, registration of the joint venture agreement can take place. As a general rule, however, joint venture contracts are not registered and the developer obtains only one mandate to enter into a sales contract with the buyer for the purpose of transferring the undivided share of the country (UDS). This is also because most developers find it difficult to reveal the real and real consideration of the company and strive to develop the country in a short time, get quick returns and keep going. Serious problems can arise when an unregreg registered joint venture agreement becomes the bone of contention between the landowner and the developer. Similarly, there could be problems related to the open space reserve country (OSR) and other common amenities shared by the building occupants in the event of an underlying defect in the joint venture agreement on such issues. It is therefore strongly recommended that the Joint Undertaking Agreement be registered to the satisfaction of all parties concerned. the stamp duty to be paid for the registration of the Joint Undertaking Agreement would be in line with the stamp duty to be paid for any ordinary agreement; in Tamil Nadu, it is 1 percent, except for the underlying sale of UDS to the owner`s developer. It should be understood that, according to the law, the developer is only temporarily owned by the developer for the execution of the construction work and that absolute ownership of the land would always remain in the hands of the owner..
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