Gpa property

sm (Querist) 03 February 2012 This query is : Resolved
I am going to buy a property in a Society (Vikas Kunj, Vikas Puri, New Delhi)which is on GPA. The entire society is on GPA and from last 2/3 decades all sales were done on GPA (GPA registration). No bank is providing loan on sale of these society flats. The flat I am going to buy is from Original Allotee (1st owner.The society has MCD Water, DDA Market, Super Bazar etc. What would be the repurcussions of buying such property?

Follow Query

Report Abuse

ABHIJEET PARIKH (Expert) 03 February 2012
As per the recent Judgement of SC property Sale cannot take place on basis GPA will or Gift deed
The title of the said property will not devolve upon u legally and hence banks are reluctant to provide finance to such a transactions
it wud be advisable to buy a property by executing proper sale deed and paying proper stamp fees as the person from whom u buy is original allotee there shouldnt be much problem to regularize the transactions.

ajay sethi (Expert) 03 February 2012
dont buy any property wherein seller has not transferred it in his name .if flat is transferred in slller name by society go ahead .

Deepak Nair (Expert) 03 February 2012
Apart from the legal aspect, it is evident from the response from the bank itself that the title of the property is not clear.
So better not to purchase the same.

Raj Kumar Makkad (Expert) 03 February 2012
I think the experts are overlooking the fact that the seller is first allottee and is not a GPA holder. He can sell the property easily to the author by way of making a registered sale-agreement and bank shall definitely accept that sale agreement and accordingly may provide bank loan to him, The case of author and others is entirely different.