Legal Question in Real Estate Law in India
I am interested to buy a property at Noida. Property is related to a cooperative society and situated at Noida. In the records of Registrar the property is alloeted to the cooperative sociecty through Noida Authority and In the records of Noida Authority the property is in the name of First Allottee/ Cooperative Society. Now in the long back in 1991 property was sold to First party and a GPA is assigned in favour of First Party. and there was no change made in the record of NOIDA,Cooperative Society as well as Registrar. Again the Property is sold to Second Party by the First Party. No GPA is given in favour of Second Party by the First Party / Allottee. Though there is change in the record of the Cooperative Society the property is in the name of Second Party form Allottee. Now in 2003, Second Party has sold the property to Third Party, who has possess the property and in the record of Cooperative Society the name of the Third Party is mentioned.
Now status of the Property is as under:
01. in the record of the Cooperative sociecty - Property is in the name of Third Party
02. In the record of NOIDA- Poroperty is in the name of coperative society / Allottee.
03. Allottee has given irrecoverable G.P.A. in favor of First Party.
04. Property was financed by a leading bank to Third Party on the basis of Cooperative Society assurance.
Please let me know
Is this Ok if i bought this property?
What procedure should I took for the same?
Is it OK if the GPA Holder (First party) directly passs the title in favour of me, instead of vender (Third Party)?
Can Allottee execute the deed in favour of me directly, despite of he has already give an irrecoverable GPA in favour of First Party?
Once Registrar accept the all fact? what is my liabilty in this case?
1 Answer from Attorneys
once in the records of co operative society, the property is in the name of third party, then the third party only is entitled to execute the transfer documents in your favour and not the co operative society. even in case there is an MOU or collaboration agreement between the co operative society and third party, the co operative party cannot transfer in your name because as per co operative societies act, the land has to be in the name of co operative society only. all the paperwork may be done in your favour as it happens in india but in case there is some dispute later, you might have to suffer.
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