Legal Question in Real Estate Law in India

I have a property which is jointly owned by me and my brother. The property is undivided and jointly owned. Now we have reached an arrangement with the builder whereby he will purchase my brother's share and against my share he will give me two floors in the new buildimg. For the same he suggests that he will enter into an agreement to sell with my brother right now and after 2 months on completion of full payment he will execute a registered sale deed with brother and become owner of his share in the building. For my portion he suggests to enter into a collabration agreement with me rightnow and after doing the sale deed with my brother he proposes to execute and register a partition deed with me whereby in lieu of 1/2 share in old building i will get 2 floors in the new building. The problem is that i am asking him to execute the partition deed after 14 months when i am given the possesion. However, builder is refusing and wants to register partition deed in way mentioned earlier as he says only then he can book and his 2 floors in the new building. For my safety i have asked him to put fixed amount penalty if he fails to deliver the possesion within 14 months of me handing him possession. Please suggest shall i go the builder way. Thanks.


Asked on 7/01/12, 2:13 am

2 Answers from Attorneys
Global Legist Advocate & Legal Consultants

Hello,

It is risk situation for you.

What is the situation of new building; where dealer is offering you two floors.

Is the said building is complete, have you checked the records of the building.

Are you sure that these floors are not already sold to someone else.

Is property worth enough.

If, dealer has already sold the same property to someone else, with proper legality, you will not get the possession.

Before signing any thing, please check the status of the new building.

Once you are confirmed with the Building records, ask you further query.

With Regards

Global Legist

Advocates and Legal Consultants

+91 9873400403

[email protected]

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Answered on 7/02/12, 2:44 am
Shrichand Nahar S.V.Nahar, Advocate

If you are doubtful about the terms, consider some other builder.

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Answered on 8/03/12, 1:32 am


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