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{"id":4215,"date":"2017-11-22T11:26:27","date_gmt":"2017-11-22T05:56:27","guid":{"rendered":"https:\/\/taxclick.org\/?p=4215"},"modified":"2017-11-22T11:26:27","modified_gmt":"2017-11-22T05:56:27","slug":"gst-update-treatment-joint-development-agreements-part","status":"publish","type":"post","link":"https:\/\/taxclick.org\/type\/gst\/gst-update-treatment-joint-development-agreements-part\/","title":{"rendered":"GST Update on Treatment of Joint Development Agreements – PART I"},"content":{"rendered":"

Joint Development Agreements are also called tri-partite agreements as three parties are involved in such contracts, namely a builder, land owning party and the contractor who undertakes construction services. The developer enters into a development agreement with landowner, whereby the developer acquires the development rights with respect to the land. The development right entitles the developer to obtain licenses and approvals from the government authorities, construct the building on the land as per its own design and architecture, determine the price of the units, negotiate and enter into flat buyers agreements and execute sale deeds with buyers.<\/p>\n

The transfer of development rights by landlord to developer involves payment of consideration.\u00a0 Such consideration is generally given in kind by way of ownership rights of certain percentage of the developed area. The developer receives consideration normally in two ways:<\/p>\n