Legal Question in Real Estate Law in India
Re Developement of our building
We own a 590 sq ft flat and a 200
sq ft closed garage (commercial) in
a same building in western suburb
of Mumbai. The building is 28 years
old and the society has entered in a
redevelopment agreement with a
developer. The developer will
demolish the old 3 storey building
and make a new 7 storey building.
The developer is giving a flat with
extra 120 sq ft against the old flat
in the new building. And instead of
taking cash for the closed garage
we have asked the developer to
give us one more extra flat in the
same new building and we will pay
the extra amount, to which he has
agreed. We have not signed the
development agreement yet and
nor have we given the possession
of our old flat. My question is:
� Can we make a sale
agreement with the developer for
the extra flat in the new building
before giving the possession of old
flat? Can we pay the stamp duty
and register it now? What are the
documents required. The developer
has yet to apply for Commencement
Certificate from BMC.
� Shall we make a separate sale
agreement for the closed garage or
can we show the adjustment in the
above sale agreement?
2 Answers from Attorneys
Re: Re Developement of our building
Better to execute and register appropriate agreement before you deliver possession to builder. Have your agreement vetted by your lawyer.
From your query, it appears to be a transaction of exchange. Consult your lawyer for proper advice.
Re: Re Developement of our building
I agree with the opinion of my esteemed colleague Mr. Nahar.
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