Legal Question in Real Estate Law in India

legal

I landowner of 702 sq.yards in Hyderabad in 1996 given for development to construct Multistoried building with Rs.100/- Bond paper develolpment agreement without any official registration at that level. We both as owner and developer have gone for all municipal permissions and shared 50-50 flats. The developer has sold all his 50% flats with both land lord and developer signature and registered to the purchasers. I have given my 50% flats for rent since Apr2001 with all municipal assesments and paying property taxes. I have doubt whether any registration is required for Land ower flats to go for Bank Loans or any official utilization of property. If required at what stage we can do it with low expenditure and in what way we can register the flats to avoid future problems.

The location is Masbtank,Hyderabad, A.P.


Asked on 8/02/07, 1:00 am

3 Answers from Attorneys
Shrichand Nahar S.V.Nahar, Advocate

Re: legal

If your agreement with developer clearly provided for such a sharing and if both of you have opted for an apartment scheme (no society or company), then you are not required to do any registration etc. as you were owner of larger land and are owner of one-half thereof with proportionate building structures. You only need to specify in the Deed of Declaration under the Apartments Act that these many flats are retained/owned by you.

Read more
Answered on 8/02/07, 1:49 am
rajeshwar sharma rajeshwarnathsharma

Re: legal

Submit the copy of sale document to the concerned office of Collector for ascertaining the the amount of stamp duty as you can not escaped from this liability.

Read more
Answered on 8/02/07, 9:06 am

Re: legal

Get you portion registered in you name.You can not escape or avoid your liability.

Read more
Answered on 8/02/07, 1:38 pm


Related Questions & Answers

More Real Estate and Real Property questions and answers in India