• Selling of property

I made an agreement to sell a plot with construction ground floor to a builder who has demolished and constructed 1 + 4 and wants me to register the property with 2 floors by getting registered property with 2 floors he can sell property immediately and rest floors can be sold after 3 months so that it assume he purchased and construct 2 more in 3 months.Basically he cannot sale though he has already constructed 4 floors until he get registered from me and if he gets registered from me on single floor he has to give 6 months for demolition and construction which he does not want to do as his money will block... advise me
Asked 3 years ago in Property Law
Religion: Hindu

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12 Answers

In my experience Very often such matters get into legal complications as several times the builder stops/ delays the work after registration or selling his share.

A watertight MoU is the only way to ensure that you are safe rather than sorry.

Sidharth Arora
Advocate, New Delhi
4 Answers

4.6 on 5.0

1.It would be a joint development agreement which requires through scrutiny and inclusion of mutually beneficial causes.

2.The agreement must not cause hindrance to any of the aprties in selling or enjoying the prespecitr allotted properties.

3. The most essential point in sch agreement is allottment of respective area in which either of the parties shall not have any right of intervention.

4. So meet a local advocate and get such agreement drafted.No sample agreement will help.

Devajyoti Barman
Advocate, Kolkata
22515 Answers
363 Consultations

5.0 on 5.0

Hi

I would advise you to go with the earlier agreement you made with the constructor.

If you have good terms with the constructor and wants that his investment doesn't get block and if he agrees to pay some amount to you then you can go ahead with the registry with two floors.

Thank You

Rahul Jatain
Advocate, Rohtak
5365 Answers
4 Consultations

4.8 on 5.0

Sir,

The agreement that you made with the builder is an important document in your case and hence it has to be accessed physically before coming to any conclusion or say giving right advice

Anand Shukla
Advocate, New Delhi
666 Answers
13 Consultations

4.9 on 5.0

1) don’t register 2 floors in builder name now

2) wait for construction to be completed OC issued

3) you can enter into supplementary agreement for sharing of floors with builder

4) agreement should be duly stamped and registered

Ajay Sethi
Advocate, Mumbai
84070 Answers
5480 Consultations

5.0 on 5.0

1. Have you registered the said development agreement?

2. After development property is not registered floor wise.

3. In the dvelpment agreement itslf it is mentioned as to how many flats and which flats the land owner shall have and which ones will be developers share for selling.

4. If you register two floors in his name then he shall have to pay stamp duty while registering the said floors and hen for selling the same his buyers will pay for the stamp duty again which no body does.

5. Get a well drafted Development Agreement registered first with all the details of development and shares of the developed property to be owned by the land owner and the developer who will be able to independently register the sale deeds (through a POA executed by you or mandatorily by you) in favour of his buyers for selling his share of the floors.

6. You can stipulate in the said development agreement that his floors will be sold only after the flats coming under your share of the floors are sold.

Krishna Kishore Ganguly
Advocate, Kolkata
26030 Answers
726 Consultations

5.0 on 5.0

Hi, you are suggested to protect your interests at all the occasions and follow the laws i.e. RERA etc.

Ganesh Singh
Advocate, New Delhi
6629 Answers
16 Consultations

4.5 on 5.0

1. Do not registered the property according to floors. In the agreement itself a clause is ordinarily inserted which mentions how many flats will go to the builder and the owner.

2. Do not registered the two floors in his name as it will incur heavy stamp duty.

3. Above all, get a flawless agreement drafted from a lawyer as it will be the charter of your rights and liabilities.

Ashish Davessar
Advocate, Jaipur
30745 Answers
913 Consultations

5.0 on 5.0

Sir , kindly elaborate the query more specifically .. It is really hard to establish the meaning of your query .. Thanks

Hemant Chaudhary
Advocate, Gurgaon
4609 Answers
53 Consultations

4.9 on 5.0

What is the agreement conditions that you have entered with the builder?

This construction of 5 floors is not a overnight work, this might have taken place for more than a year hence please let us know the correct details and your correct query in order to render a very proper opinion to your problem.

The opinion rendered on the basis of vague information furnished by you will actually misguide you.

If you have sold the property to him on the basis of the conditions entered with him, you cannot deviate from the agreed conditions for any reason.

Any deviation may cause you trouble and you will be in a problem later on.

T Kalaiselvan
Advocate, Vellore
74174 Answers
1203 Consultations

5.0 on 5.0

It will be better not to enter into any kind of agreement with builder which may harm you in future I suggest withdraw all your rightd from that flat and just serve a legal notice to him stating that he has committed fraud against you by giving wrong information along sale deed wrong agreement .

Then you can file a first information report against the builder company .just need to contact a local lawyer

Atul Shahi
Advocate, Allahabad
159 Answers
1 Consultation

4.6 on 5.0

Hello,

If 1+4 floors have been constructed then there is no point in getting just 2 floors registered.

You might end up in trouble for getting a registry done on wrong facts.

Please do not do nay such act which will just give some benefit to the other person and not you.

Regards

Anilesh Tewari
Advocate, New Delhi
17870 Answers
335 Consultations

5.0 on 5.0

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