Calculation of the Cost of the New flats for the Land owners
Jda signed oct.2012. builder not completed (65% only complete and left august 2017 ) the project. builder proceeded to nclt. association challanged in sc . and finally through mediation under retired supreme court judge , the case settled by S.court order( Sept-2020) to take over the project jointly by the land owners and the association and complete the project with own funds and execute the sale deeds jointly bythe assn and the land owners. The project is completed now and occupation certificate obtained in March 2023 . Since majority of the allottees are in abroad , the registration is delayed and the Ist registration effected in Nov. 18th 2023. By january 31st , all registation will be positively completed. March 15th , the land owners have remitted Advance Tax - a portion of the Capital gain to Income tax. Now the land owners wants to know the calculation of the New flats after completion of the project. (1) The cost per squ.ft of construction of landowners is already established in the JDA ie. Rs. 1,768.48 and the share of land are Builder 60.1 cents and Land owner is 12.9 cents. The JDA construction value and the cash consideration value covered only for 60.1 cents of land only. So the land owners can include their portion of land cost in calculating the new flat cost ie, additional to Rs.2768.48 .construction charges as per JDA.