Buying a land owner share in a ready to move property

Q: I am planning to buy a property, which is part of land owner share. Property is ready to move and OC has been received. Please let me know if I can go ahead and buy or there will be any issue i will face in future.

Deepak Agarwal,

8th January 2018

Legal in Nallagandla, Hyderabad

real estate

joint development agreement

buying a land owner share

buying a property from landowners share

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Replies (3)

Hello Deepak , iam all so interested which project plz give me phone number, mail me,reddy.suresh40gmail.com,9866641039

suresh reddy, Hyderabad

23rd February 2018

Comment

Hello Deepak,
Ideally, landowners share flat is a good bet because it is generally available at a competitive rate. But before that, you should look into the following points, 1) Thoroughly checked the agreement between the Landowner and the developer. Check whether any date or price clause are mentioned in the agreement, 2) If the land is a joint holding then check the partition deed. Agreement between all the landowners, 3) You should check family settlement deed, allocation portion details with landowner and developer and Identity proofs.

Pradeep naidu, Hyderabad

9th January 2018

Comment

No, the seller of this property will be the landowner and if there is an agreement of construction between the landowner and the developer, the agreement terms need to be read thoroughly before proceeding with this transaction. It is suggested to consult a local lawyer.

Mriganka Sharma, Bangalore

9th January 2018

Hello Deepak,
At the time of property purchase, many people are not aware that flat they are buying is from landowners share. Majority of the under-construction property disputes are between the builder and the landowners. Buyer should be aware whether he is buying a flat from builders share or landowners Share. In my personal opinion, it is advisable to buy flat from builders share to be on safer side. I am not discouraging to buy Landowners Share but you have to be extra cautious.

Ramesh Hegde, Hyderabad

9th January 2018

Comment

Yes, I am agreed with Mr. Ramesh. If you are buying a flat from landowner then do take care of following points a) Sign only tri-party agreement, b) Payment terms & cost head should be clearly mentioned, c) As a buyer, you should take over balance payment from landowner to builder d) 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.

Verma, Hyderabad

9th January 2018