Issue - whether buying a property without sanction plan would be risky
C.A Alok Mukherjee
(Querist) 07 July 2011
This query is : Open
I cam up a peculiar situation
The property is more than 70 years old and no sanctioned plan of the house is not available to the seller the seller also bought the property in 1982 from the previous owner. The seller is about the age of 80 years now and for him this copy may be with kolkata corporation.
The copy of mutation and Corporation tax receipt are all in the name of owner.
The bank is not agreeing to provide any loan without a valid sanctioned plan copy.
Now my question is
1. Is the copy of sanctioned plan is a must document for the buyer.
2. Without it whether buying of property would be risky? As a buyer if my share of occupation is drawn by a structural architect and registered by a planner would it encompass the purpose?
3. No banks are agreeing with to pursue for a bank loan without the sanctioned plan copy hence to go for it we have to pursue with own finance which is not feasible also.
4. If the seller own copy of mutation and pays corporation tax is that not serve the purpose?
Please advice as a buyer what should i to do? I am in helpless condition.
