My friend lives in Kuwait, he came across this property ( Located near a central area in Bangalore. It is 4km from MG Road. 6km from Koramangala ) and wants to purchase it even with the risk involved.
The Risk :
It is in a private layout which was handed over to the corporation 40+ years ago. However the owner (who had formed the layout) hasn't developed it this 8700sqft site yet.
it was earmarked as a site in the layout plan but I grew doubtful, So I enquired further & Spoke with someone in the neighbourhood & he confirmed it was a park!
Now the owner claims the site for the park was not handed over to the corporation. Apparently back then it wasn't a pre-requisite to have a park in such a layout. Even the other layouts that were formed in the same time in surrounding areas don't have parks.
He has an encumbrance certificate with the site number mentioned.
The price in the layout is 13500 per sq ft, and this being a large site has its advantages.
The owner is an old 62 year old man & looks quite old. MANY of the neighbours says hes a VERY honest & credible man. He stays in the house 20meters from the site.
He says he can't pursue the running about that may be involved & will sign whenever required for anything regarding the property. He will even give me an Specific Power of Attorney. He has 2 sons & they're willing to relinquish rights.
Q1) How should I pursue this further?
Q2) My friend is intent on purchasing the property. How much should we bargain?
Q3) My friend is ready to give me 15% for the running about that can be required.
Q4) There is NO risk for me. Only that I'll have wasted my time if its a unclean property.
Q5) My friend has either gone mad, or he's earning crazy amount of money in Kuwait, should I look for a job there!?
