rao, Hyderabad
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Does GHMC/Hderabad have specific rules for mortgaging a property during construction ?
Q: looking to see what sort of rules GHMC follows in applying mortgage on new building before construction to ensure builder is meeting the specs ?

Latest Answer: As per the mortgage rule,the builder or owner has to mortgage certain portion of the building with the municipal corporation.If the developer or owner constructs the building as per the sanctioned plan and obtains Occupancy Certificate from the corporation,the civic body releases his mortgaged portion to the owner. Link: http://www.exclventures.com/%5Cnews%5Cnewslink-10984.asp

is there a risk in taking mortgaged apartment by the builder as my share ?
Q: We are getting into an agreement with builder to build 5 floor apartment complex in our site. What are the GHMC norms in mortgaging ? Does it need to be certain floor ? and also certain size ? What happens if choose the the apartments that builder put under mortgage as our share ?

Latest Answer: I feel risk is there in buying a mortgaged apartment, do some market research and then go for the dealing. As per AP Municipalities Development Control Rules,2008,the mortgage rule is exempted for residential buildings up to seven meters proposed in 500 sq meters and industrial buildings in areas other than corporations and municipalities.

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