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JLB CONSTRUCTIONS in Chennai – Your Trusted Partner for Residential Projects
In Chennai, where the rich cultural heritage meets the vibrant urban landscape, a construction revolution is underway. With a firm commitment to quality, thoughtfulness, and a passion for building excellence, we are proud to present around 90 residential projects that redefine living spaces in the city. When it comes to creating your dream home, you deserve nothing less than the best, and that’s precisely what we offer as the top building firm in Chennai.
When a landowner and a builder work together to establish a property, the landowner contributes his land and the builder contributes his capital for building. Typically, this form of agreement is referred to as a joint venture.
The land owner gets a piece of his property as a flat or an apartment rather than selling it off as a whole in an outright purchase. He gets to live in his own property in a new house without spending any of his money
Absolutely, the land owner gets a huge tax benefit when compared with an outright sale.
- Joint venture ratio
- Liability after construction
- Payment terms
- Project timeline
- Rental expense
- Compensation for delays
What is the assurance provided by the builder after construction, is he providing any type of warranty after handing over the building. If there is no liability provided after construction, the building owners will have spend their hard-earned money to repair poor quality construction
The joint venture ratio will vary based on location and land price. For ex: The land price in Anna Nagar is more when compared with the construction, so the land owner will get 80% & the builder will get 20%. This percentage is converted into a ratio of 80:20 and called as joint venture ratio
The builder will pay the land owner an advance to get started with the project and an agreement will be formed. The builder will have to pay the land owner as cash or equivalent value as apartments. This will vary for every project based on location and owner requirements
The timeline varies for each project based on the requirements. If all the documents are clear and the land is empty, a G+3 joint venture project may take up to 18 months. This may vary if there is an existing building, multiple owners for the land and the documents are not clear
If there is an existing building where there are multiple people staying, the market rental value has to be calculated for the entire project duration and paid to the owner and it will be adjusted in the joint venture ratio or in advance. However, it might not be applicable for empty plots or certain locations where the saleability is low
The builder who takes up the project should be complete the project on the time promised in the agreement. If not he will have to provide rental expenses as penalties to the customer for the delayed timeline
What is the assurance provided by the builder after construction, is he providing any type of warranty after handing over the building. If there is no liability provided after construction, the building owners will have spend their hard-earned money to repair poor quality construction
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