Real estate transaction


Dear Sir,


Property dispute : Land measuring 3800 square feet ( with an old house) in a Chennai locality ( Kodambakkam) on a 40 feet road.

I was the sole owner of property, which was self-acquired by me from my own funds in 1975.

On April 19 2012 ( date of registration), I sold 50% UDS ( Undivided share of land) to my neighbour, with a view of demolishing the old building, and developing the full property and sharing 50% of the newly constructed building. So, from April 2012, both me and my neighbour are 50% co-owners of this property.

In June 2012, we applied to Chennai corporation for Building sanction. On following up and checking with the Chennai Corporation in Aug 2012, they pointed out that my street ( Karnan street) has been marked for road widening under "Chennai master plan 2026", and hence we would need to rework on our building plan by providing additional setback area. They also pointed out to a Chennai metropolitan website, which showed my road with an extra thick line ( among several other roads). So, this road is proposed to become a 60 feet road by 2026.

Simultaneously, in Aug 2012, we received a formal letter from Chennai corporation advising us to execute a gift deed to the Corporation for road widening, or else our building plan proposal is cancelled.

The issue is : The neighbour is now asking me to compensate him with retrospective effect for the notional loss arising out of this ( since the Corporation will provide compensation to the extent of the guideline value and not market value). So he wants me to refund the difference ( between guideline and market) for his share of loss of land for road widening.

I confirm that I had no inkling, nor was aware in the remotest way, any proposal of road widening for my road. Nor I have received any notification or message from any authority in this regard, till Aug 2012.

Question : Am I liable to compensate him for his share ? Or is the notional loss to be equally shared between us, since we are co-owners since April 2012 ? My sale deed is a normal and standard template, which does not specifically refer to "indemnity due to future road widening projects or similar issues".

Warm regards,

Sathish, 98867-30012, Bangalore
 
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Property Law Consultant

Try to have amicable settlement legally he does not have any  chance to succeed. Because he should have taken due diligence. 

buyer be aware doctrine will apply.

 
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