Partnering with a builder to develop my land

Q: Hi,
I have a piece of land aprrox 6.5 guntha in mumbai suburban belt(dahanu-boisar area)
I want to partner up with a builder to build a building and earn some cash
I have no clue about real estate and buildings
here is an offer from a builder
he says he'll build a posh building which will give 12000sq.ft approx
the entire cost will be beared by him after completion there will be 50-50 split
the current market rate is 4000-6000 p/sq ft and is bound to go up since tje start of local trains upto Dahanu
now here are my questions
1.Is the above offer fair?
2.What is the construcion cost p.sq ft?
3.I am thinking of asking alteast 3000000 up front apart from the 50-50split is that fair?
4.What else i should know before taking up such joint venture?
Any suggestions are welcome,Please help

Land Owner,

3rd January 2014

Other in Thane

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Replies (4)

Thank You all for your suggestions...It helps

Land Owner,

4th January 2014

Comment

Hey,

Came to know that you are getting a posh building measuring 12000 sqft without investing any single penny. Moreover the land where the builder is going to construct the structure is also near to Mumbai suburbs ie in Dahanu - Boisar area. Hence few years down the line there will be good appreciation for the land and you can sell the property at a good profit rate.

Praveen Modi, Mumbai

3rd January 2014

Comment

Hello,

Heard that the prices of the property are just started picking in this region ie Dahanu-Boisar region due to its connectivity with Mumbai suburbs. As local trains will also start running till Dahanu, there is a huge scope for appreciation one can look ahead as the area will tend to become one of the fast growing in couple of years.

Shrikant Kejriwal, Mumbai

3rd January 2014

Hi,

Make sure the documents and title deed are clear and proper. Before entering into a JV or partneship with builder do take the guidance of a legal solicitor. Since you had mentioned you don't have any idea about real estate, there are chances that you may get duped. Better watch out and proceed further and do not take any hasty decisions.

Ramesk Polekar, Mumbai

3rd January 2014

Comment

Hello Hi,

Since you are planning to undertake a partnersip with a builder, looks to me the deal is good. Since you are not losing anything, I think you can enter into a JV with the builder as the builder himself is going to bear the entire construction cost. Looks to me the deal is fair enough and you are getting a posh building measuring approx 12000 sqft.

Sandeep Mhatre, Mumbai

3rd January 2014

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