Kindly help me to solve my querry.
Client has finalised deal to purchase a plot in MIDC . However MIDC does not allow to sell barren land without satisfying styipulated requirements regarding construction of buliding occupying at least 10% of area.
As per mutual undersatnding owner has agreed to construct required property in order to get Building Construction Certificate & NOC from MIDC.
Now, owner is asking for Advance costing almost 60% of property amount. He is ready to sign MOU and Power of Attorney in clients favour .However , Ownership will get transfer only after obtaining BCC.
What additional precaution should be taken to safegurad my clients interest as amount involve in the transaction is in some crores.
Kindly throw some light in this regard as it is urgent.