Does anybody on the forum have experience,in doing a poa transaction with a builder
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  • Explain the issue completely and may be I would be able to help.
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  • poa sales

    Originally Posted by djvjain
    Explain the issue completely and may be I would be able to help.

    Issue is protection of owner
    Plot of land owned by A and B. A wantss to sell and B wants to do collaboration with the builder for one floor. Builder will provide A with sales deed and pay stamp duty. Builder effectively becomes co owner. B is scared zince he is at the mercy of the builder. B pr0poses that do a collaboration agreement and power of attorney with the builder.
    That way B can have some recourse if the builder does not deliver or uses inferior,material
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  • Yup, B is thinking right and I guess you are B. Don't do anything with these builders w/o written agreement. But, in this case why do you need a POA with builder? I don't think he would give you a POA without any valid points. Expected progress status of the construction and money for the construction in an escrow account is important and should be written down the agreement. Get the agreement registered in the district court. Even he can't sell the plot without you so its safe I think.
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  • poa sales

    Originally Posted by djvjain
    Yup, B is thinking right and I guess you are B. Don't do anything with these builders w/o written agreement. But, in this case why do you need a POA with builder? I don't think he would give you a POA without any valid points. Expected progress status of the construction and money for the construction in an escrow account is important and should be written down the agreement. Get the agreement registered in the district court. Even he can't sell the plot without you so its safe I think.


    How much would it cost to register the colaboration agreement. Also my understanding is that with delhi builders,nothing in writingmatters if the builder is bad guy.
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  • Registering any document(POA, agreement etc) with the authorities usually takes close to anywhere b/w Rs 1000-1500. This just showed that both parties agreed and signed in front of the Tehsildar etc. Usually a photo snap of yours(could be both parties) and two witnesses are also used.

    If you don't trust builder then don't go for it, because saving your investment even before investing should be your top priority. The thing you said about Delhi builders is true for builders anywhere in India.
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