The Real Estate Limited Partnership Agreement is a specialized legal document used in India when establishing a partnership structure for real estate investment and development projects. It is particularly crucial when multiple investors pool capital for real estate ventures while limiting their liability and defining clear management responsibilities. The agreement must comply with Indian Partnership Act 1932, RERA 2016, and other relevant real estate laws while addressing specific requirements of property development and investment operations. This document is essential for projects requiring substantial capital investment, multiple stakeholders, and professional management, typically used in commercial, residential, or mixed-use real estate developments. It includes detailed provisions for capital contributions, profit sharing, management rights, property acquisition criteria, development guidelines, and exit mechanisms, while ensuring proper risk allocation between general and limited partners.
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1. Parties: Identification of all partners, including general partner(s) and limited partners, with their complete details and addresses
2. Background: Context of the partnership formation, purpose of real estate investment, and brief overview of the business objectives
3. Definitions: Comprehensive list of defined terms used throughout the agreement
4. Formation and Name: Declaration of partnership formation, partnership name, and registered office address
5. Purpose and Scope: Detailed description of partnership business activities, investment objectives, and geographical scope
6. Term and Termination: Duration of partnership, conditions for termination, and renewal provisions
7. Capital Contributions: Initial and subsequent capital contributions, terms of contribution, and capital accounts maintenance
8. Ownership and Profit Sharing: Partnership interests, profit and loss allocation, and distribution policies
9. Management and Control: Powers and duties of general partner, management structure, and decision-making processes
10. Rights and Obligations of Partners: Detailed responsibilities and rights of both general and limited partners
11. Transfer Restrictions: Limitations on transfer of partnership interests and right of first refusal provisions
12. Financial Management: Banking, accounting practices, fiscal year, and financial reporting requirements
13. Meetings and Voting: Procedures for partner meetings, voting rights, and decision thresholds
14. Dissolution and Liquidation: Process for partnership dissolution, asset distribution, and winding up
15. Governing Law and Jurisdiction: Applicable laws and jurisdiction for dispute resolution
16. Miscellaneous: Standard provisions including notices, amendments, severability, and entire agreement
1. Investment Committee: Structure and powers of investment committee, used when partnership requires formal investment approval process
2. Advisory Board: Composition and role of advisory board, included when partnership needs external expertise
3. Key Person Provisions: Provisions relating to key personnel, included when success depends on specific individuals
4. Default and Removal: Procedures for partner default and removal, included for larger partnerships with multiple partners
5. Co-Investment Rights: Terms for co-investment opportunities, included when partners may invest in related projects
6. RERA Compliance: Specific provisions for RERA compliance, included for partnerships developing real estate projects
7. Environmental Matters: Environmental compliance and liability provisions, included for properties with environmental concerns
8. Property Management: Detailed property management provisions, included when partnership will manage properties directly
1. Schedule A - Property Details: List and description of initial properties or target properties
2. Schedule B - Capital Contributions: Detailed breakdown of partner capital commitments and contribution schedule
3. Schedule C - Partner Information: Complete partner details including KYC documents and tax information
4. Schedule D - Investment Guidelines: Detailed investment criteria, restrictions, and target returns
5. Schedule E - Fee Structure: Management fees, promote structure, and other fee arrangements
6. Schedule F - Valuation Methodology: Agreed methods for property and partnership interest valuation
7. Appendix 1 - Power of Attorney: Standard form of power of attorney for general partner
8. Appendix 2 - Subscription Agreement: Form of subscription agreement for limited partners
9. Appendix 3 - RERA Declarations: Required RERA compliance declarations and forms
Authors
Relevant legal definitions
Clauses
Relevant Industries
Real Estate Development
Commercial Real Estate
Residential Real Estate
Industrial Real Estate
Real Estate Investment
Property Management
Construction
Infrastructure Development
Hospitality Real Estate
Retail Real Estate
Relevant Teams
Legal
Real Estate
Investment
Finance
Compliance
Risk Management
Project Management
Asset Management
Business Development
Operations
Relevant Roles
Real Estate Development Director
Investment Manager
Legal Counsel
Property Manager
Chief Financial Officer
Real Estate Fund Manager
Compliance Officer
Project Director
Asset Manager
Partnership Manager
Investment Analyst
Real Estate Consultant
Business Development Manager
Risk Manager
Company Secretary
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