Registration of under construction flat in bangalore
Karthik
(Querist) 23 September 2014
This query is : Resolved
Dear Sirs,
I have booked an under construction flat (apartment) from a known builder in Uttrahalli Area in Bangalore.
This is 16 flats construction in the area of around 5000 sq ft.
The flat is 60% completed at present(Up to walls) and Bank has approved my loan papers for 80% of the property value. I have paid around 5 Lack as advance also.
Now, since bank has granted the home loan clearance builder is asking for us go with registration and he projected to complete the project in the month of March 2015.
I dont know the conquences of preregistration before the project get completes. I am in a fix as to either go for registration or should wait till the possession of the flat.
Kindly suggest.
Best Regards,
Karthik
Devajyoti Barman
(Expert) 23 September 2014
There is no harm for going pre registration which is done in most cases.
ajay sethi
(Expert) 24 September 2014
you should go in for registration of sale deed
Rajendra K Goyal
(Expert) 24 September 2014
If you register it now, you will have to pay full amount and the interest of Bank would start while you will be having no rental income from the flat. You will not get IT deduction benefit on interest paid till you get possession. If the builder does not hand over possession in time (he would be loosing nothing in doing so) you will have to indulge in long litigation. You will not be able to force builder effectively for arranging OC and other documents. Builders may raise numerous complication and after paying full proceeds you have less chances to negotiate on disputed points.
Karthik
(Querist) 24 September 2014
Many thanks for the quick revert. Dear Goyal Ji, I have heard similar opinions from my known circle also.
Sirs, If the land property bearing A Khata and the flats constructed on it will bear B katha with out occupancy certificate what will be the consequence. is that a common thing every ware ? please elebroate on this issues
T. Kalaiselvan, Advocate
(Expert) 01 October 2014
The property bearing A Katha whereas the the flats built on it is issued with B Katha clearly defines that the flats constructed on the that having B Katha is yet to be approved or not approved. It may take time to regularise after paying the due penalty for deviation and irregular constructions. However since no builder is complying with the rules and often flout them and also due to the urgency of the buyers, such things are becoming more common these days.
For your first query, I concur with the views of expert Mr. Rajendra K Goyal.
