Legal Question in Real Estate Law in India

Hi Team,
Thanks for your support.
I am planning to buy a residential plot in Kundli, Haryana.
There are two developers in this area, Ansal API and TDI.
Both registered and un-registered plots are available for sale here.
I am interested in an un-registered plot. This is what i have understood about this plot so far.
1. The plot is already a transferred case. It was transferred to the current owner in year 2011.
2. There is a sale agreement between current Owner and Developer.
3. The Developer representative has shown me papers that the plot is owned by Current Owner in their records.
4. Last payment is due on possession. About 5%.
5. About 360 rs / sq yard transfer charges will be applicable.
6. The plot is shown on a company map and physical inspection of the area show some house are constructed in the adjoining plots.
7. The pilot in consideration does not have a boundary.
8. Neither the first owner nor the second owner took the possession of the plot.
9. A private band is ready to provide loan on the basis of plot value of the agreement to sale. I definetly need a loan.
10. The sale price in developer books is RS 7700 / sq yard.
11. The Developer says that registry / sale deed will be done at 7700 / sq yard even though circle rate is 16000 sq / yard.
12. The total sale price will be 19-20K / sq yard.
Sincerely seek your advise whether i should buy this plot or not.
Is it possible to register the plot at RS 7700 / sq yard when circle rate is higher.
is it legal to do buy a plot whose possession is not taken.
What can be the loop holes in this deal.
thanks very much.
Appreciate your help.
Vivek

Asked on 7/11/16, 1:17 am

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Answered on 7/11/16, 1:30 am

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