Buying a flat in landowner share

Q: My flat is part of land owner share and my landowner is doing the registration , builder will not be there in the register office as builder gave GPA to the landowner, is it a legal process ? Please reply its urgent.

Guru,

11th March 2016

Buying property in Nizampet Road, Hyderabad

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Hi Guru,
If you are buying a flat from landowner then do take care of following points:- 1) sign only tri-party agreement, 2) payments terms & cost heads should be clearly mentioned, as a buyer, you should take over balance payment from landowner to builder, never pay upfront money to landowner e.g. 80% paid at the time of signing agreement and 20% will be paid at the time of registration.

Sharan Basappa, Hyderabad

14th March 2016

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The biggest disadvantages of of under construction property is that it is very difficult rather impossible to find out whether property is mortgaged or not. Builders are still transparent in this matter but if you are buying landowners share then it very difficult to find out.

Ramya Janagam, Hyderabad

14th March 2016

Hi,
At the time of property buying, many people are not aware that flat they are buying is from landowners share. It comes to know only at the day of property registration that his flat was landowners share. It is because, builder want to keep you in the dark. You have no other choice but to go ahead with the registration. Majority of the under construction property disputes are between Builder and the landowners.

Ramya Janagam, Hyderabad

14th March 2016

Comment

And the disadvantages come to see when the builder is selling flats at huge profits and buyers received very little share. Normally, a landowners get up to 40% share in property which is developed jointly.

There are few points which one should keep in mind i.e. Flats no. not mentioned in the JDA, Mortgage, under paid, marketing rights to builder, cost heads, balance payment to the builder, Legal Heirs.

Bharath Konda, Hyderabad

14th March 2016

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