I am planning to buy an MHADA property that was allotted to the seller in the year 1951. And since then he is been staying there and they do not have an OC certificate, CC certificate with them as these things were not introduced by Government then. And being the direct allottee, he doesn't have any Sale Deed / Sale Agreement, in fact, the seller also does not have a possession letter & Layout plan. would it be a wise decision to buy such property?
I don't want to take any burden of a home loan and wanted to buy something which will cost less now, but later when redeveloped can act as an investment.
The seller has an allotment letter from MHADA, Share Certificate, MHADA bhada pavti, A letter stating that he requires a loan from the Provident Fund office dated 1951, which I hope is cleared by now as it was of few thousand rupees then back in 1951.
I also asked him for Below documents:
The agent said he will try for the below docs:
Layout Plan (agent is doubtful about it)
NOC from society
No-due certificate from society
Mutation Registration Extract
But Agent clearly mentioned that he can't get the below certificates:
Payment Receipts (MHADA to 1 st Owner if any)
Should I go ahead to purchase such property? Sir, Please guide me, I would really appreciate your help. Thanks in advance.