Ganesh was a busy businessman running a successful firm. He was so engrossed in his business that he never had time to reflect on a vacant piece of ancestral land which was lying virtually as a dead asset. He did realize that the property was in a prime area in Sreevaraham,Trivandrum—but he was a bit helpless in exploiting the asset to his advantage.
That is when he established contact with Mansions to explore possibilities wherein Mansions could act as developer and builder under a win-win arrangement. Soon thereafter, Mansions constructed a residential complex on that land. Says Ganesh, “I did not opt for an apartment in the complex, but received a fair deal for my land. My land transaction dealings with Mansions were transparent. Actually my relationship with Mansions had started some time earlier, when Mansions had done civil work for our factory building in Trivandrum. The contract was also completed professionally and meticulously. If asked to rate my Joint Venture (JV) experience with Mansions, I would give them 9/10”.
Krishnan, was a civil servant (IAS), working across the country in senior positions including holding the post of Chief Secretary. He owned landed property in Peroorkada, Trivandrum, which was lying unutilized. He desired to sell the land but was hesitant to approach a builder unless he was very sure of his credentials. That is when his friend suggested Mansions. And soon he had struck a beneficial deal. Commenting on the JV partnership, Krishnan had this to say, “I realised that the two Mansions Co-founders were CET engineers and that Mansions had an experienced & customer-friendly team of engineers & home building professionals. Hence in this backdrop, I was only too pleased to enter into a JV partnership for my land. I got a fair deal for my land and I now own few apartments in their residential complex”.
There will be hundreds of landowners who would be in possession of vast tracts of vacant land—some of which may be lying unattended with wild growth; or some could be vulnerable to unauthorized occupation/infringement by strangers, away from close supervision. In many nuclear families where children have settled overseas or outstation, aged parents may be safeguarding land parcels, which they may find hard to monitor. In most of these cases, if the owners are sure that they have a genuine developer who can be trusted with all the financial, legal and procedural matters, they will positively think in terms of a JV deal on mutually acceptable terms.
Says Rajesh R, Co-founder, Mansions, “We have found that all landowners wish to deal with a trusted and transparent developer, who can ensure hassle-free development of the property with the owner taking no big burden and responsibility; as well as ensuring an appreciation in the land value; and has the expertise and commitment to ensure different forms of conversion of property– residential or commercial or both”.
Meanwhile it must also be known that despite the best of intentions, the emergence of uncontrollable economic and market forces can affect a JV partnership deal.
As VS Jayachandran, Co-Founder, Mansions who studied with Rajesh at CET, says,” Like in any business venture, we should be ready to face and overcome predictable risks, market fluctuations and unforeseen national & global economic factors which could impact our expectations. But that is where the ingenuity and experience of the developer comes into play.
Normally, many landowners, especially salaried, middle class professionals shy away from such transactions as they feel that land deals involve legal formalities, documentation, close interaction with various departments, unknown risks—all of which can be handled ably by a competent realtor”.
So if you own land which you consider is unproductive, say above 25 cents in Trivandrum, Kochi and nearby areas, you can explore opportunities of monetizing your underused asset in various ways. And in this endeavor if you are in need, you have Mansions as a friend indeed!
Welcome to the world of JV partnerships.