Hi All,
I am planning to buy home and have run into a problem, for which I am seeking assistance / advise.
I am planning to buy a builder flat in Faridabad. The house has been finalized and very initial agreement drawn. I didn't know earlier, but now I came to know that the builder actually has a GPA on the property. My bank (ICICI) has agreement to provide me loan for the home, but the cheque will be made against the property owner (not builder - who is having GPA).
That's where problem has started, as builder doesn't want that.
So my Question:
1) I can arrange money from relatives and do the registry and get house refinanced later in 10-15 days time (that's what ICICI and the builder also suggested). Can the registry be done? Is it legal? I read somewhere about Supreme Court judgement wherein sale through GPA is being discouraged. So wanted to check if the registry will be done in legal way or not.
2) If the resitry is done on my name, there will be any problem in me selling the flat at later point of time? GPA will be mentioned in the property chain, so wanted to double-check that wont be a problem for potential buyer later on...
Am really looking forward to advise on this from experts here in the forum.
Thanks a lot!
