Purchase of property under acquisation
Dattatreya
(Querist) 25 December 2015
This query is : Resolved
Dear Experts
I am negotiating a property which is notified by Bangalore Metro. The details are as under
1. The Property is 30*55 measuring 1650 sft.
2. The Whole property was notified for acquisation by KIADB (Through which Metro acquisation process will be done)during nov 2013.
3. The Metro plan is changed now and have decided to acquire only aprox 20*30 totalling to aprox 600 sft.
3. The said owner requested the KIADB acquire whole property and give compensation for full, for which KIADB had denied.
4. The Owner (Seller) of the property aproached me and offered to sell whole property as is as where.
5. The Sale consideration will be decided now only for whole property.
6. The Total sale consideration as negotiated above shall be paid after deducting the compensation for 600 sft by KIADB. i.e if total sale consideration is for 1,00,000 and KIADB Compensation is for 20,000/- final settlement shall be 80,000/- at the time of transfer of property in purchaser name.
Whether the sale agreement is valid agreement, if yes can i regsiter the said agreement, in case the seller refuses to transfer the property in future date what recourse i will have ?
Dattatreya
(Querist) 25 December 2015
Purchase of property which is notified by KIADB
Dr J C Vashista
(Expert) 25 December 2015
Are you sure KIADB shall never acquire left over plot?
The plot/piece of land which has already been notified for acquision by Metro has least marketable title,hence you should (rather must) avoid.
Rajendra K Goyal
(Expert) 26 December 2015
Proceed only if KIADB has excluded the said portion and has confirmed accordingly through letter / notification.
Kumar Doab
(Expert) 26 December 2015
The rules might specify that the notified notified land can not be sold.
Avoid such deals.
Go thru all notifications carefully.
Consult local lawyer well versed with this matter.
Anand Bali Adv.
(Expert) 26 December 2015
Contact Mr Anil Kumar on 08867907494 or visit at 131, Kadrenahalli circle Banashankari 2nd stage, Bengaluru he is my Associate there and will properly guide you in this respect. Be sure the notifications what does they say as it is a property matter and you should not leave any doubt unattended.
T. Kalaiselvan, Advocate
(Expert) 03 January 2016
Any sale agreement made should be a registered deed or document. Verify the extent of acquisition by KIADB from its office and then decide on confirmation by the authorities. In fact you will not get proper information from KIADB office too, hence a careful approach to this issue is essential.
