Purchase of apartment from builder & agpa
Srikant
(Querist) 20 January 2012
This query is : Resolved
Dear Sir/Madam,
I have almost finalized the purchase of a new apartment from a Builder. The builder has aquired the land under a registered development agreement from a registered AGPA holder (without a conveyence deed) under the condition that 55% of the flats would belong to the Builder whereas 45% would belong to the owners. Also, the builder and AGPA have been given the authority to sell and execute deeds on the owners belalf. The flat that I am referring to for purchase is from the owners share. I would like to know if I can go ahead with the purchase as the sale/conveyence deed would be executed by the AGPA and the Builder and if that purchase would have any ramificatios later?
Look forward to your suggestion.
Bhaskar
ajay sethi
(Expert) 20 January 2012
yes you can go ahead but show all documents to a local lawyer
Srikant
(Querist) 20 January 2012
Thanks! Does that mean that the recent Supreme Court ruling regarding AGPA does not apply in this scenario since the land was taken up for development?
ajay sethi
(Expert) 20 January 2012
it does not cover development agreements
Deepak Nair
(Expert) 20 January 2012
Agree with the views of Mr.Sethi.
Srikant
(Querist) 21 January 2012
Thanks everybody for your response!
Advocate. Arunagiri
(Expert) 21 January 2012
Buying a apartment from the registered AGPA is valid one.
