Joint ventures are formed by at least two parties with the objective of achieving a specific investment return. Unlike many other business agreements, when the objective is achieved, the joint venture is usually terminated. Following are the attributes of a joint venture. Risk sharing: A single investor may be unwilling to undertake a real estate venture because of its size, location, capital requirements, and/or duration. However, by sharing the risk, two or more parties may be willing to undertake the venture.

Combining expertise with capital: Joint ventures are frequently formed as a way to pool equity capital from one or more sources, as well as a means of bringing parties with different expertise to the venture. A joint venture could also involve purchasing existing properties and operating them. In this case, one of the parties may be responsible for acquisition, leasing, and management, and others may provide capital.

Because the parties to a joint venture may contribute different things, and possibly in different proportions, a partnership must be structured such that it provides economic incentives for all parties. Differences in tax status of investors also may affect the way partnerships are structured. A joint venture can take on a number of different partnership forms. The most common is the limited partnership. As is the case with all partnerships, there must be at least one general partner and any number of limited partners. Generally, in real estate, limited partners are the investors that provide most of the equity capital, while general partners are usually responsible for managing the partnership assets and may contribute a relatively small portion of the required equity capital.

How much initial capital will the parties contribute and how will the parties contribute additional capital if needed in the future? How will the parties share in the annual cash flows to be produced from operating the property? How will the parties share in the cash flow received from sale of the property? Will some of the parties receive a preferred return? Will the preferred return be paid from annual cash flows and/or from sale? Will taxable income (or losses) and capital gain (or loss) be shared in the same proportion that operating cash flow to be distributed? Who will have control over the operation of the property and decisions involving capital improvements, approving leases to tenants, financing and possibly refinancing the property, and when to sell the property?

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In simple terms, carpet area is the liveable space. It is that area of your property that can be carpeted and measured wall to wall. The carpet area is the space that you should be focused on while buying property.

The complete area covered by the apartment is referred to as the build-up area, which includes the utility ducts inside the property, internal and external walls of the carpet area. The plinth area is simply calculated by adding 10% leading factor on the carpet area.

The super built up area can be regarded as the total of the built up area and the proportionate portion of common areas such as lobby, lifts shafts, stairs etc. In some real estate projects, swimming pool, garden and clubhouse areas are also included in the super built up area.

UDS stands for undivided share of land. It is the specific portion of land an apartment occupies in relation to the super built up area. Therefore, the sum total of the UDS values of all the apartments must be equal to 100% of the extent of land on which the construction stands. Home buyers need to confirm the UDS of their individual apartments by obtaining Encumbrance Certificates (EC) after execution of the sale deed. The EC is a legally binding document that is an accurate reflection of UDS. After 100% of the UDS is conveyed to all the home buyers in an apartment complex, the Landowner/Developer or their legal heirs are deemed to have passed their rights over the property to the apartment owners. Post this declaration, Developers or their legal heirs are debarred from making any claim or from constructing further on the property.

Open Space Reservation (OSR) refers to open-to-space common area that is utilized for creating facilities such as parks, playgrounds and other common utilities, in gated communities and multi-storied buildings. As per CMDA, the OSR provision should be 10% of the land, where the extent of land under development exceeds 3000 sq. m. The Developer must ensure that the OSR is kept free from any construction. Exemption can be obtained by the builder in case of physical constraints in providing OSR. However, the Registration Department specifies that in case of such exemptions, the builder must be willing to pay the market for equivalent. If there is a proposal for laying roads in the development area by a local body, that area is not included while calculating OSR, and that portion is transferred to the local body through a Gift Deed.

Land value fixed by the government in various parts of the city is called the Guideline value. The growth plan and the infrastructural facilities related to the land are considered while fixing this value. The Guideline value may be revised from time to time in order to balance the market price. During property registration, the stamp duty is fixed based on this value.

A list of do’s and don’ts that apartment owners need to follow while utilizing the terrace are grouped under terrace rights. Terrace rights are usually included in the Builder/Buyer Agreement so as to avoid unauthorized construction or misuse of the terrace such as letting it out on rent, putting up signboards or mobile phone towers. Private terraces are provided direct access from the apartment, which is separately mentioned in the Builder/Buyer Agreement.

Floor Space Index (FSI) is an important aspect in real estate. FSI alone determines the total floor area of a building in relation to the size of the land on which it is built. FSI takes into consideration factors such as road width, frontage etc. In simple terms FSI indicates the ratio of total floor area to the land size. For example FSI of 1.5 means that the total floor area that can be constructed is 1.5 times the gross land size. Once the FSI for a construction is fixed, no deviation is allowed. Even the slightest deviation invites stringent measures that includes demolition of the construction beyond the permissible limits.

Building Permit is the approval given by a competent authority for construction, new or add-on to a previous construction or for a major restoration. In case of cities, the respective Corporation is the competent authority that issues Approved Building Permit, whereas for areas outside city limits, local Municipality or Panchayat issues the permit. Those constructions that do not acquire the Approved Building Permit may be fined or even demolished during stage inspections. During inspections, unapproved buildings are disqualified for non-compliance with national, regional and local building codes.

The Encumbrance Certificate establishes whether the property has a clear and a marketable title. There could be instances where mortgaged property has unpaid dues, or actual ownership is in dispute, or loan is taken against the property. Such a property is encumbered from having a clear and marketable title. Obtaining an EC from the sub-registrar’s office of the specific taluk helps buyers verify such constraints on the property. Property that is devoid of such limiting factors is clear and marketable.

The sale deed document is prepared when full payment is made by the buyer and the transfer of property is initiated. The sale deed needs to be registered as per the laws laid down in the country. Typically, the registration of the property needs to be completed within a 4 month time frame from the date of execution of the sale deed. Registration of the property is carried out at the sub-registrar’s office as per the provisions laid down by the Registration Act.

The details pertaining to the builder’s legal right to sell a property are provided in the Original Title Deed. Home buyers must study the Original Title Deed carefully and verify the builder’s claim to selling the property. Before purchasing property, it is required to ensure that the builder or authorized agents have rightfully devolved the right to sell the property. If there is a Power of Attorney executed in favor of the builder, proper documentation of the Power of Attorney should be verified. Propredo.com ( For Landowners & Builders )