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Home > Forum > Bangalore > Legal > Buying flats from land owners share ?

Buying flats from land owners share ?

Q: Hi ,

Am looking for a flat , and found a property . While enquiring understood it's JD project, where land owners has some shares.

Is it safe to buy any flat from land owners share ?? The land owners price is less than the builders price..

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joint development agreement
buying flats from land owners share
is it safe to buy a land owner share property?
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Replies (2)
1
Some of the common points which should be checked by buyer before buying a property under landowners share. 1) In Joint Development Agreement (JDA), flat no not mentioned, 2) The biggest drawback of under construction property is that you can not find out whether property is mortgaged or not. Builders are transparent in this regard but if you are buying landowners share then it becomes very difficult to find out. 3) In some cases, Landowner give marketing rights to builder i.e. right to sell his flat. In this case, Landowner cannot sell his share directly.
Seshagiri Mehra


2
Aisurya,
At the time of property purchase, many people are not aware that flat they are buying is from landowners share. Client came to know only on the day of property registration that his flat was landowners share. Builder kept him in the dark. Normally landowners get up to 40% share in property which is developed jointly. The biggest advantage of a flat from landowner is that you can get discount of up to 20% compared to rates quoted by the builder. In my personal opinion, it is advisable to buy flat from builders share to be on safer side.
Sukumar Gupta


Kindly, get the services of competent lawyer for getting correct legal advice for the given case. It is not uncommon where land owner and builder do some financial re-settlement based on market value of the land and construction cost. This is normal but the paperwork for such settlement should be clean and should not have any source of litigation. The clauses should not have any scope for any of their heirs to put claim on the property.
Sreya Khan,  Bangalore
24th October 2018


3

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