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Development

We have taken the initiative to invite land owners who propose to offer their land to Vennela for Joint Development. Even existing old homes can be considered to be demolished and the land be used for building of apartment complexes or residential layouts in and around Visakhapatnam.

Joint development is a popular method of development of property where an owner of a site and a developer come together to enter into an arrangement to develop a property jointly.

The developer and the owner of the site develop the property on a joint venture basis. The land owner enters into a joint development agreement with a builder. The land is provided by the owner. The builder constructs the flats on commonly agreed upon quality standards and deadlines.

A certain percentage of the area is earmarked for the owner of the site. The owner is entitled to dispose the constructed property delivered to him under the joint development agreement. The owner may also decide to retain his share of the built up area, or may sell it off at a later stage without any involvement of the builder. The other flats are sold by the builder directly.

This method helps in producing more homes at an affordable cost and makes a win-win situation for land owner, builder and buyers of the flats.