Purchase of resale unregistered property

Q: I am looking to buy a resale property. The property is a new project and still not registered. The builder has started giving possession and this property is ready for possession. What is the process of buying such a property in Bangalore?

Sumit Jain, Apartment Resident

17th July 2013

Buying property in Bangalore

bangalore

resale

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It is a win win situation for both the buyer and seller as the seller has not paid any stamp duty and registration charges so he can make more gain/profit form the deal. similarly the buyer can negotiate the deal better as the cost of the property is lesser for the seller and thus the buyer can save on some percentage of stamp duty and registration charges.

Krupa Vasavaraj, Bangalore

18th July 2013

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Which is a better option buying an unregistered flat which is ready to occupy or buying an registered flat which is ready to occupy?

Mangal P, Bangalore

18th July 2013

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Just check if the original owner have paid the transfer fees to the builder. This usually varies from builder to builder and it is also negotiable. Once this is settled builder will ask all parties to come at their office. The owner need to carry all the documents that the builder has provided . In case, if the owner have taken loan then he have to close his loan or it will be transferred to your name. Builder basically strikes off or changes names in all documents from the owner's name to person who is buying it. Buyer needs to carry all the documents needed to book an apartment

Krupa Vasavaraj, Bangalore

18th July 2013

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