• Why go in for Joint Development ?



• Why go in for Joint Development with Bhaggyam constructions ?



• Procedure for Joint development

Why go in for Joint Development ?

1. Maintenance & Upkeep Of Individual Bungalows Is A Cumbersome Process :-

   With the passage of time maintenance and upkeep of individual bungalows is becoming a cumbersome and also an expensive process. Repairs, leakages, electricity failures etc. are not easy tasks to handle as an individual but become much more manageable when there is a society to handle the same.

   Finding servants for upkeep of the house is much easier in an apartment complex when compared to an individual house. You can share your domestic help with other apartment owners.

2. Security In Numbers :-

   An apartment complex gives you the security of numbers. A thief would think twice before trying to break into an apartment when compared to an individual house. An apartment complex also facilitates the appointment of security guards as costs are shared by all the owners. You can enjoy your vacations peacefully knowing that there is someone taking care of your house.



3. An Answer To Your Expanding Family :-

   Developing your property is the best answer for your expanding family and the need for independence of the various family members. By allotting different apartments in the same complex to different family members you fulfill the twin objectives of keeping the family together and giving the family members their independence. Further each one is free to deal with his share, the way he pleases.



4. Experience The Joys Of Community Living :-

   In an independent house you and your family members tend to get lonely and isolated but this is not the case in an apartment complex. Every member of the family has the opportunity of interacting with the people of their age. Your elderly parents, your children and your spouse, all of them have company. You get to interact with people of different communities, backgrounds and experience. It is more fun to live in an apartment complex.



5. Maintain A Link To Your Past:-

   Joint development enables you to fully exploit the potential of your property and at the same time retain an interest in it. This ensures that you do not fully cut off the memories of your past.



6. Your Home, The Way You Want It :-

   Joint development gives you the flexibility of designing your house the way you want it. The apartments that come to your share can be planned as per your specifications and in a way that the needs of the various family members are fulfilled.



7. Maximum Value For Your Property :-

   Joint Development gives you better and safer returns than outright sale. While in an outright sale you sell at today's prices, joint development gives you an option to encash your apartments at any time taking advantage of the then prevailing market prices, hence you can sell your share when the markets are at their peak.



8. The Drawbacks Of Outright Sale :-

   There are very few buyers with the resources to buy large properties for cash. Normally an advance is paid, agreement entered into and balance is paid over a period of time. Most of the times the balance amount gets inordinately delayed thus affecting your realization.



9. Faster Transaction Time :-

   We have come across people who have taken 12-18 months to find a person who is capable of buying their property outright and then waiting for a further 12-18 months for him to complete his payments. As against this they would have realized their money much faster had they gone in for joint development from day one.



10. Tax Benefits :-

    Any investment of the land consideration in retained built space is exempted from Capital Gains Tax. As against this, with outright sale, this tax becomes payable.

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Why go in for Joint Development with Bhaggyam Constructions ?

Because Bhaggyam Constructions

1. Assures Quality :-

   Over 15 Lac Sq.Ft. of construction and 1500 families are testimonials to our exacting quality standards. We will deliver the highest quality apartments utilising the best of materials and following modern construction methods.



2. Combines Functional aspects & Elegance :-

   We believe that not only should a building be attractive to look at, it should also be functional and comfortable for its residents. For our buildings, plans are designed by eminent architects keeping these points in mind.



3. Promises Strict Adherence To CMDA Guidelines :-

   Violating building rules and making an attractive offer is what many builders do. But we believe in constructing strictly as per CMDA guidelines to ensure peaceful stay for the owners. The last thing you would want is to wake up one morning and be served with a demolition notice.



4. Promises On Time Delivery :-

   We will deliver your apartments to you in the committed time frame without any delay. The delivery date will be adhered to irrespective of whether our shares of flats have been sold or not.



5. Promises Clear Documentation :-

   We will take care of all the paperwork involved in approvals, transfer of title, obtaining power & water connections etc. to ensure that the title is clear in all respects.



6. Ensures Higher Sale & Rental Values :-

   A Bhaggyam Constructions building, thanks to its design and quality of workmanship, will command a premium over other buildings in the same area. Maximize your returns by developing your property with Bhaggyam Constructions.

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Procedure for Joint development

1. On examination of the property, we will give you an offer for development of your property. This offer basically consists of the percentage of the built up area which shall be offered to you and the amount of security deposit that will be paid. This security deposit is either a refundable or non-refundable deposit. In case it is a refundable deposit the same has to be refunded back to builder on successful completion of the project.
   
   The percentage of area offered to you is arrived at after taking into account several factors such as cost of construction, escalation in cost of construction, cost of obtaining approvals for the building, marketing & administrative expenses and most importantly the selling price of apartments in that area.



2. If you find the offer attractive, you can indicate your acceptance and hand over a copy of the title documents to enable the builder to get the same verified by their advocate.



3. If the builder’s advocate approves the title, a draft copy of the Joint Development agreement laying down the terms and conditions of the development is given to the landowner who can go through the same by themselves or get it approved by their advocate.



4. If the draft of the Joint Development Agreement is found to be OK, the same is prepared on stamp paper. This agreement is signed by the builder & landowner and the builder pays the first portion of the security deposit to the landowner.



5. Along with the Joint Development Agreement, the landowner also give a Power of Attorney to the Builder to apply for the various approvals required for the construction and also to sell the portion of the area coming to the Builder’s share.All the procedures & formalities & costs for approvals are taken care by the BUILDER & the landowner need not worry about anything.



6. The Builder then proceeds to prepare the plan for the building taking into account the requirements of the landowner. Once the plan is ready and approved by the landowner, the same is submitted for approval to the Government Authorities.



7. After the plans are submitted, the builder takes possession of the land from the owner. At this stage, the balance portion of the security deposit is paid to the landowner.



8. After taking possession of the land, the Builder proceeds to demolish the old building and make the site ready for commencement of work on approval of plan.



9. On receipt of the approval the Builder commences the construction & marketing of the project.



10. As and when the apartments coming to the builders share are sold, the proceeds are received by the builder in stages and the builder will register the apartments in favour of the buyers.



11. Out of the apartments coming to the landowners share, they may like to retain some apartments & sell the balance. The landowner can decide to sell his apartments initially or sell the same when the building is 50% over or when it is nearing completion or after completion. Based on the requirement the BUILDER will sell the landowners apartments & pass on the proceeds to the landowner as and when the same is received from the buyers. When the landowner’s flats are sold and a certain percentage of payment received, the landowner will have to register these apartments in favour of the buyers.