I have bought 4 plots of 5000 Sq. Ft. in a row to make total of 20,000 Sq. Ft in Year 2008 from a Developer in Holkarwadi (Uruli Dewachi) Pune . I have got registry for 20,000 Sq. Ft. and my name registered on 7/12. Please note, though I have bought plots of 5,000 Sq. Ft each, the registry was done cumulatively for 20,000 Sq. Ft. Currently the plot is is Green Zone and No Development Zone.
I want to sell the property now. One of the buyer is interested in buying the whole plot but in an installments of 5,000 Sq. Ft. only as he needs time to arrange payments.
My question is can I sell plots in a multiple of 5,000 Sq. Ft. to different buyers? Does THE BOMBAY PREVENTION OF THE FRAGMENTATION AND CONSOLIDATION OF HOLDINGS ACT, 1947 permits me to enter into the transaction as there is an embargo placed by the District Collector on registration of plots less than 10,000 Sq. Ft.. However, many Developers are selling plots under Gunthawari Scheme (Plot Sizes running from 2000 Sq. Ft. to 10,000 Sq. Ft.) in and around that area since long and even selling currently.
Please advise from buyer's and Seller's point of view.