What is Flat For Land Basis?
Land owner signs “a construction contract of flat for land basis” (construction contract) with a contractor or with a construction company to construct a new building or reconstruct a building which is already existed. For example if you want to construct a house building on your land; reconstructing your one-floored house into multilayered building; or associating with all flat owners in the apartment and building newer and bigger apartment. However, you don’t have money for contractor. In this case, the contractor accepts to construct but asks one or more flats or some independent area for himself. That becomes ‘flat for land basis’.
For example, a contractor asked you to build a housing complex in your land in exchange for giving ten flats to you, and you accepted. You have assigned the property of your land to the contractor, they have finished the construction and gave your ten flats. This becomes ‘constuction in return for land share’.
For example you have a 3-floor apartment. A contractor asked you to demolish it and build a new 3-floor apartment with a store in the entrance floor and wanted the store for itself. This becomes ‘flat for land basis’.
So, do you know what are the steps for ‘ flat for land basis’ construction?
You have to sign a ‘construction contract of flat for land basis’ in relevant notary.
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