Owner's share of development

Asst Manager (Projects)

Hi, i want to purchase a flat which falls under the landowner's (one of)share in Kolkata. The owner of the land is no more. His legal heirs, (total 7) entered into an agreement with a builder to develop on the land, a residential complex with 50% owner's share& executed a deed to that effect. The land is properly registered & mutated in the name of legal heirs. When i went to SBI for loan application, they informed me that to sell his portion, the landowner must first register & mutate the flat alloted to him by the builder along with all the other landowners. Is it true? AND what type of registration is this. I mean, what is the document actually called. Kindly help me out. 

 
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Advocate

The Owners ( for Owners Share ) and the Builder as confirming  Party , togother  can sell  the Flat ,  - As semi finished / or/  as under construction - It can be assessed to Municipal Tax  in the name of the purchaser , at later stage ,  on the basis of the Regd Sale deed . At present, the old House  Mpl Property  Tax Records will be in the name of the Owners only .

 


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Asst Manager (Projects)

Thanks Mr. Rao. But, i am interested in knowing why the bank is insisting the registration of landowner's share (flat) to be registered before agreeing to give me (the purchaser from owner) a housing loan.

 
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Advocate

it appears that by Development agreement  the Owners and Builders became Joint Owners of the property including  the Constructed   Building - Apartments - for that reason only the Bank is insisting for a Regd Deed between the Owners and Builder forpartition/  to divide the Apartments - according to their respective  agreed shares

How ever the Sale can be made by both Owners and Builders - together  - in favour of the purchaser !  .

 
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software enggineer

Originally posted by :Y V Vishweshwar Rao
" it appears that by Development agreement  the Owners and Builders became Joint Owners of the property including  the Constructed   Building - Apartments - for that reason only the Bank is insisting for a Regd Deed between the Owners and Builder forpartition/  to divide the Apartments - according to their respective  agreed shares
How ever the Sale can be made by both Owners and Builders - together  - in favour of the purchaser !  .
"

Hi Mr Rao,

      In my case the aggrement which has share (eg 50% and 50%) between landowner and builder has been regd but the the aggrement which has exact share(like which flat belongs to whom) is not regd. do you think this also needs registration.

 
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software enggineer

Originally posted by :Y V Vishweshwar Rao
" it appears that by Development agreement  the Owners and Builders became Joint Owners of the property including  the Constructed   Building - Apartments - for that reason only the Bank is insisting for a Regd Deed between the Owners and Builder forpartition/  to divide the Apartments - according to their respective  agreed shares
How ever the Sale can be made by both Owners and Builders - together  - in favour of the purchaser !  .
"
 
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