Hello All,
An agent (A) holds POA from multiple land owners to sell the land. He has entered into agreement with Builder (B) to build some apartment and sell them. Assuming that 20 apartments have to be built , 5 apartments are build and the UDS registered in the name of individual owners. the other 5 are not registered and some partially built. The land for the remaining 10 Flat remains vacant. Due to some financial constraints, the (A) and (B) have mortgaged the land docs with a Bank for loan(C). Since they have not paid the loan the bank has gone to DRT. We understand that 25% of UDS has been registered to Owners(R) and 25% in unregistered and should be with the POA holder (A) and 50% UDS is vacant.
Now the builder has some new plans and insisting on Exchange of UDS and that they will develop more than 10 flats in the vacant land of 50%UDS and sell it.
1. whenever the UDS is registered to owners, will there be any change done to the parent document that, so much UDS has been given away until 100% UDS is distributed.
2. Who would maintain the UDS details , the SubRegistrar or the Builder or LandOwner.
3.Will there be a separate doc which shows the Landowner has only 25% + 50% UDS?
4. What document would they have mortgaged , the Original Title deed or a separate document showing only 50%UDS?
5.Relating to question (4), when some document is mortgaged , how can the POA holder sign an exchange deed. is it valid.
6.The builder says we have to sign the exchange document , and keep it in safe custody, then the mortgaged document can be retrieved from the bank and the exchange of UDS will be registered.
Thnanks,
Venkat
