Prabhakara N Moolya (Accountant) 04 August 2013

Property

I have entered a deal with land owner for purchase a flat in Andhra Pradesh by applying bank loan. There was a registered Development Agreement Cum G.P.A. between land owner and developer executed on 26.11.2009 by mentioning ratio of 67% flats belongs to developer and 33% to land owner in the constructed flats. In continuation to development Agreement Cum GPA there is unregistered supplementary Agreement executed on 25.06.2010 between land owner and developer by mentioning share of constructed Flats 67% belongs developer and 33% to land owner. As per supplementary agreement, the land owner share of property in 1^st Floor consisting of six flats. I have made deal with land owner for purchase of 900 sq.ft. area in 1^st floor of the apartment. The bankers are insisting to involve developer to execute and sign sale deed agreements. At the present the developer sold all his share of 67% property and settled at abroad and not available for contact.

In this context, I request to kindly post conclusion/opinion regarding is it necessary to involve developer while executing sale deeds for purchase of property by availing bank loan.

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5 Replies

adv.raghavan (Advocate,9444674980) 04 August 2013

registered GPA shows that the builder will construct 67 percent for himself and 33 percent for owner, unregistered GPA says 33 percent of owner share will be in first floor, second unregistered GPA is barred by limitation so the bank is insisting to get sale deed done by builder, this can be sorted out if the land owner is ready to write will on any one his heirs and they in turn can register in your name

rajiv kumar (UDC) 04 August 2013

Respected sir,

my father wants to tranfer of his peroperty (250 sq yards fully furnished) to me but the propbler is i am his (my father) former son(from first wife) and my father got the second marriage but he has not got any child from the second wife.

sir, could you tell me the rules regarding to transfer of property with my name and if any rates consession in stamp duty etc in punjab state, according to above said situation and my father is also willing to tranfer to that property with my name instead of trafter of property to second wife.

Sir I belong to patiala (Punjab)

with regards

rajiv

Advocate Vishnu (Advocate) 04 August 2013

If it is the self acquired property of your father , then he is free to make a gift/settlement deed of the property in your favour.

rajiv kumar (UDC) 04 August 2013

Respected sir

The property is self accuried of my father, could u please guide me any consession to trasfter the property in myy favour as a gift / settlement deed, because otherwise stamp etc in other case is very hight sir in patiala (punjab).

Regards

rajiv

Advocate Vishnu (Advocate) 04 August 2013

Does the supplementary agreement show how the flats were divided between the developer and the owner. If it does , you can show that clause to obtain your bank loan.