Dear all,
I have seen a flat which its under construction and the area is in under grampanchayat. Below are some highlights of the papers i am having and land details. Please suggest if it is ok to buy the property or there can be any dispute in future and also if you can help me with the documnets which are must for buying flat in cush cases.
1) The owners are 3 brothers having their owned houses on same land where the building is getting cinstructed. In short- It is a developmnet if old house of owner but construction of building with tie-up with builder on owner ship rights sharing basis.
2) Builder and the land owners are agreed on 60:40 ration (60%builder and 40% owner). Owners will posses ownership rights on 40% of flats and builder will have 60%
3) A power of attorny has been made between both of the- in which - builder has given rights to sale property of his 60% share- Abt 10flats and rest will be taken by owners
4) An NOC from owenrs has been given to builder for construction of binuilder in place of theris houses
5) Under power of attorny - Bulder has rights to sale and afert selling to give NOC and OC to society formation
6) a development agreement is made for development of owners houses
7) as the area is under gram panchayat- Plan is approved by GP, Permission is granted by GP
8) Loan is permitted only by selected co op bank and pvt institutions as it is a GP Area
Please suggest, your views are valuable for me as i will give money earned after hard working and it is the only money i m having
