Development agreement with Developer
I have a land as an asset and a developer is interested to develop the same. He says that he would provide us 50% of the constructed area. If by any chance a developer doesn't complete the project due any reason what protection should I keep each circumstance during my agreement.
Can I go to the consumer forum against the developer, since i am taking his service to develop my space? In case he dies half way or after agreement, what is my protection? Should i keep in my development agreement? Looking forward for your valuable feedback.
You will have to move to a civil court in this regard. You have entered into a development agreement for development of your plot for commercial purposes. Hence consumer forum won't entertain your complaint. You better enter into a development agreement with the company.
If the developer is a one man show, you would get stuck as his legal heirs may not be interested in completing the project. In case of company, the project would be continued by the company even if one of the directors die. Get the development agreement drafted by a lawyer.
Your development Agreement should cover all eventualities including death of the developer.
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