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krishna sharma   08 May 2022

resale under construction flat

Dear team.. I have been offered an under constructed flat on **resale**..Posession in next 18 months. This is what things look like. Please help me in understanding the process.
1. Seller signed a BBA agreement under Rera which is registered
2. Dealer says seller has authorized some investor through some agreement to sell the property.
3. We would be mostly interacting with the dealer and investor and the original buyer may be asked to present if we are willing
4. We will be initially paying 10℅ as token money to the original buyer's account, they will then prepare an agreement to sale and will then initiate the transfer process of the flat post obtaining the noc from the builder.

My question: I am a little skeptical with this investor here as there is no direct interaction with the original buyer. Do investors get involved in such practices where in they get into the agreement with the original buyer to sell properties?


 6 Replies

G.L.N. Prasad (Retired employee.)     08 May 2022

If you are not competent in legal knowledge and have the time to study so many judgments, engage a local advocate as you are taking a risk and staking your hard-earned money.  The advocate has to study the documents, study the practice followed by other purchasers, the financier to the builder and his stake, the amounts advanced against such flats by any banker as housing loans etc.  Without studying the documents, it is not possible to expect  a precise guidance and if someone even offers it becomes an irresponsible one.

1 Like

krishna sharma   08 May 2022

thank you sir for the advice

Dr J C Vashista (Advocate)     09 May 2022

It is a valid and legal transaction, proceed.

krishna sharma   09 May 2022

Thanks for your help sir

Kishor Mehta (CEO)     09 May 2022

It is your money. tread with caution in such transactions, there may or may not be pitfalls. 

krishna sharma   09 May 2022

Thanks for your valuable input

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