Q:Hi all, I need your suggestion. I own a big house with 6 bedrooms. It is our ancestral property which is quiet old now. There is a builder who I know, he has offered me that if I agree, he will demolish the house and develop an apartment community and he promised to give me few of the flats. Land will be in my name only. What do you say? Is it better to do that or is there any problem with it..
Latest Answer: Sagar, even when builder gives you the flats once they are ready, before taking possession you should check that all the taxes have been paid and there are no pending dues. No building violations must ever be mentioned in the agreement. Once the proper verification process is completed, only then you give General Power of Attorney to the developer.. Finally, the builder will have to set up an apartment owners association and formally hand over the building to the association. The clearances and documents should be handed over to the association as well. A formal agreement and hiring a lawyer is essential when a landowner is allowing a developer to develop his plot.
