Collaboration
Collaboration is a agreement between the Plot Owner and the developer/builder who reconstructs / builds / develops a brand new house on his/her land by entering into a Construction / Collaboration Agreement. This situation is favourable where the Owner is interested in his property being redeveloped due to his lack of experience in construction or maybe financial constraints. The Builder then develops the property for and on behalf of the Owner at his (builder’s) own expenditure.
The Process
The Builder demolishes the old structure in case existing on the plot of the owner. The Builder then builds Stilt on ground floor (parking area) along with four other floors (first to fourth) at his own costs and expenses. The Sanctioning of the building plans from the concerned authorities is the responsibility of the builder or as agreed mutually. Whole construction cost is taken into account by the builder as per the terms and conditions agreed mutually between the builder and the plot owner.
The Owner in return authorizes the nominee of the Builder with General Power of Attorney, to apply for necessary sanctions and permissions from concerned authorities and also co-operates with the Builder in obtaining such or all other permissions, mandate as may be required for the construction of the proposed building. Besides this there is mutual distribution of the number of floors between the builder and the plot owner, which is decided on the basis of the market rate of the plot and the cost of construction incurred by the builder. After the construction is completed and completion certificate obtained, registration of sale deeds is carried out by the plot owner in favor of the builder or its nominee.
