Development agreement vis-a-vis Construction Contract
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India, Oct. 19 -- Development agreements, broadly speaking, are agreements between the owners of land/ building and the developers to construct/reconstruct large building complexes. The agree- ments are of the nature of joint venture between the two in which the owner contributes his share by way of the development rights existing on the land and allows the developers to load TDR FSI by procuring DRCs and use the same as per D.C. Regulations. Apart from procuring DRCs the developers also contribute by way of cost o be incurred in construction and construction related activities, manage the construction work and carry out all activities nec- essary and incidental to such work. The two collaborators to the agreement are generally compensate...
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