If I enter into agreement with builder does ownership get transferred?

705 votes

It will depend on the terms and conditions agreed by and between both the parties.
You need to appoint Advocate so as your rights are well protected in the Development Agreement.

Builders r known for all types of misusing of the Development agreements .

So, it would be in your best interest to appoint an Advocate who will be in best position to guide and advise you before the agreement is drafted and finalised.

Advocate Namitabh Kothari LawRato

935 votes

Dear Sir/Madam,
It seems you have a property which is to be developed and intend to enter into a development agreement with the builder. The development agreement is entered into with the developer along with a irrevocable power of attorney authorising the builder to do matters, acts and things for carrying out the redevelopment. Under the development agreement a clause is entered into where the developer has to form a Co-operative society on completion of the building and after handing over the possession of ready flats and thereafter execute a conveyance in favour of the society within a period of 4 months. On execution of the aforesaid conveyance in favour of the society by the builder the ownership of the land will be transferred from your name to the Society.

Advocate Mohammed Zain Khan LawRato

697 votes

For what purpose do you want to make the development agreement with the builder? It depend up on the terms and condition of the development agreement. In order to transfer the ownership u need to make any document by paying stamp duty and registration charges to the government.

Advocate Bharat Pandirao Pawar LawRato