Service tax on land development

Dear All

Our company is doing land development project under Joint Venture agreement with the land owner. The ratio as per joint venture is 50% to land owner against land, and rest 50% to us against development and sale of the plots. We have the entire rights to sale, develop, and collect the full payment from the plot buyers. Bank loan to the plot buyers is also avilable and the bank will realease 80% share on execution of sale deed and 20% payment on completion of development. development is almost 60% completed and expected to complete by Dec 2012. What will be the service tax liability to the company and whether costomer is liable for any service tax.

Thanks

Manindra