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AJEET KUMAR (Asst Manager (Projects))     26 August 2009

Owner's share of development

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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 5 Replies

Y V Vishweshwar Rao (Advocate )     26 August 2009

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 .

 

1 Like

AJEET KUMAR (Asst Manager (Projects))     26 August 2009

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.

Y V Vishweshwar Rao (Advocate )     26 August 2009

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 !  .

Vinayak (software enggineer)     05 July 2010

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.

Vinayak (software enggineer)     05 July 2010

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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