Joint Venture Agreement for Development of Immovable Property

THIS DEED OF JOINT VENTURE made at Mumbai this................ day of............ 20...... BETWEEN................. of Mumbai Indian Inhabitant residing at............ hereinafter called ?THE PARTY OF THE FIRST PART? (which expression shall it be repugnant to the context or meaning thereof be deemed to mean and include his heirs, executors and administrators) of the ONE PART; AND.......................... a Private Limited Company having its registered office at................ hereinafter called ?THE PARTIES OF THE SECOND PART? (which expression shall it be repugnant to the context or meaning thereof be deemed to mean and include so far as regards the individual his heirs, executors, administrators and assigns) of the OTHER PART:

WHEREAS:

i. The Party of the First Part is seized and possessed of or otherwise well and sufficiently entitled to property situate at.............. admeasuring sq. mtrs. or thereabouts and the structure bearing Municipal House or Street No.............. standing thereon more particularly described in the Schedule hereunder written and shown on the said plan annexed hereto and thereon shown bounded in coloured boundary lines (hereinafter called ?the said Property).

ii. The said Property consists of land together with a structure standing thereon bearing Municipal House No............ admeasuring about....... sq.ft. built up area.

iii. The Party of the First Part is entitled to develop the said property described in the Schedule hereunder written by demolishing the existing structures and constructing a new building/s thereon.

iv. The Party of the First Part has submitted and obtained the sanctioned plans from the Municipal Corporation of Greater Mumbai for construction of building/s on the said property, vide IOD dated............ amended on................. under No............... and Commencement Certificate dated............

v. The Party of the First Part and the Parties of the Second Part have now mutually agreed to develop the said property more particularly described in the Schedule hereunder written as a Joint Venture on the terms and conditions mutually agreed upon as hereinafter appearing.

NOW THIS DEED OF JOINT VENTURE WITNESSETH AND IT IS MUTUALLY AGREED BY AND BETWEEN THE PARTIES HERETO AS FOLLOWS:

1. The parties hereto shall as a Joint Venture develop the said property more particularly described in the Schedule hereunder written in collaboration with each other on the terms and conditions herein contained.

2. The business of the Joint Venture shall be limited only to this project of developing the said property situate lying and being at............. more particularly described at............. in the Schedule hereunder written which the parties hereto have agreed to jointly collaborate in developing by constructing multi-storeyed buildings and selling the flats/shops/or other premises in the proposed buildings on ownership basis or on such terms and condition as the parties hereto may mutually agree upon from time to time.

3. The business of the joint venture shall be carried in the name of M/s........................ at............... or at such place at Mumbai as may be Mutually agreed upon between the parties.

4. It is agreed that the net profits and loss including the loss in capital shall be shared by the parties in the following proportion:

Party of the First Part 50 paise in a rupee.

Parties of the Second Part 50 paise in a rupee

TOTAL : 100 paise in a rupee

5. The Party of the First Part being the owner of the said property situate at.............. doth hereby bring the same in the Joint Venture firm of................ It is agreed by and between the parties hereto that the contribution of the Party of the First Part i.e. the costs of the right title, interest and benefit of the Party of the First Part in the said property (hereinafter for the sake of brevity referred to as ?the land costs?) shall be valued at Rs.............. (Rupees............................. only) and the capital account of the Party of the First Part shall be credited to that extent.

6. The Joint Venture shall be deemed to have commenced on and from............... The accounts shall be made from 1st April to 31st March each year, the first of such accounts to be made upto 31st March,........ The Joint Venture shall stand dissolved on the completion of the buildings on the said lands of the said property and the execution of the Conveyance by the Party of the First Part of the said property in favour of the Co-operative Society.

 THE SCHEDULE OF PROPERTY ABOVE REFERRED TO :

IN WITNESS WHEREOF the parties hereto have executed these presents on the day and the year first abovewritten.

SIGNED SEALED AND DELIVERED BY THE PARTIES HERETO

In the presence of :

1.

 

2.