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SWe have a small 500sqft shop that is built on a land parcel of 5000sqft. Think of it as a the shop was constructed on the barren piece of land and sold to us. There’s a 2000sqft house of the owner, with rest of land area being empty.
Now whatever reason, the owner plans to build a bigger building in 1000sqft of land and he has agreed to give a shop in the new building after demolishing ours. He has agreed into a JDA with a developer. It will be a 3 floor building, one of the 500sqft shops being given to us with rest of them being shared between the owner and developer.
Now as per the JDA, it mentions that we need to pay registration charges, stamp duty and gst on the newly constructed property for the proportionate share.
My question is in case of JDA who pays for the registration charges+SD+GST as I’m told that usually the buyer pays for it. So I’m this case shouldn’t the developer ideally pay for it.
Also the JDA mentions that we need to give a irrevocable Power of Attorney.
It’s the first time I am dealing with the JDA. Any guidance in this regard will be much appreciated.
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