• Land owner property or builder property

1. Which one is legally safe a. Buying a flat of landowner entitlement or b. Buying a flat of builders and developers entitlement?
2.what are all the documents necessarily need to be checked for purchasing land owner entitled flat and builder entitled flat?
3. I am purchasing a 3 bhk flat in chandapura to anekal road bangalore, what is per square feet cost of this area currently approx value please?
4.how to check the lifetime of an appartment? That will be available in any legal documents? 
5. On what basis the life time of the appartment is fixed? What is the government rules and norms for demoishing an appartment? People are saying appartment lifetime is 30 years is it true?
6. Kindly give me opinion or critics about India infoline finance limited?
7. For a RERA approved project if builder not completed the project within stated time what will be the penalty buider pays to buyer?
8. Does a lawyer's opinion letter will help me in future infringement litigations? or to make the opinion about the property more stronger i can go for any aggrement signing with lawyer?
9. What is this credit linked subsidy sheme under pradan mantri awas yojana scheme?
10. What is the document specifically need to be verified to see whether the land or property is SC Grant land or not?
Asked 4 years ago in Property Law
Religion: Hindu

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9 Answers

Check whether supplementary sharing agreement between builder and land owner is registered or not

2) better to buy flat from builder share

3) check whether building plans are sanctioned or not

4) whether building commencement certificate is issued or not

5) check circle rate for market price rate in your area

6) building can last for more than 30 years depending upon quality of construction

7) get all documents signed by you vetted with Lawyer

8) obtain certificate from Lawyer that tile is clear and marketable

Ajay Sethi
Advocate, Mumbai
87932 Answers
6207 Consultations

5.0 on 5.0

Section 18 of RERA permits the allottee to get interest at the prescribed rate for every month of delay on his amount. The rate of interest is prescribed under rules, which is 2% above State Bank of India’s marginal cost of lending rate, which is currently 8.05% pa.

Ajay Sethi
Advocate, Mumbai
87932 Answers
6207 Consultations

5.0 on 5.0

Dear Sir, you are asking good and valid questions kindly contact me I will give advice in detail.

C. V. Jadhav
Advocate, Bangalore
545 Answers
18 Consultations

4.7 on 5.0

1. Both are equally safe there should be registered joint development agreement which specifies which flat under ownership of builder or joint owner.

2. First of fall land documents title, conversion of land, approved plan, all concerned permissions, registered joint development agreement and OC of flat further check the division flats among land lord and builder and the registered document for this.

3. Meet concerned property valuer he shall be in better position to suggest you valuation of property you are purchasing.

4. Good construction may last of 60 year. The local guidelines are prescribed on condition of building at that relevant point of time it shall not be mentioned in the registered document.

Lifetime depends on construction, natural condition in the area.

If in the rera approved project builder delays the project he shall be liable for a penalty that is around 10perecent interest of the invested cost.

Lawyer will not sign any agreement with you, but his opinion may help you to make better choice of property and scrutinize the documents properly to secure you from.future motivation

The credit linked subsidiary scheme of goverment is to provide affordable.loans to middle income urban poor where rate of interest and gst is less. There are terms and condition to enroll in the scheme.

Business News हिन्दी

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How to avail home loan credit linked subsidy scheme; 3 easy steps explained

In order to boost real estate sales, the government has extended the period to avail the credit-linked subsidy scheme (CLSS) under the PMAY (Pradhan Mantri Awas Yojana) on home loans for middle-income from December 31, 2017 to March 31, 2019.

By: Saikat Neogi October 3, 2017 1:45 AM

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The government has extended the deadline for credit-linked subsidy scheme on home loans for middle-income category to March 31, 2019.

In order to boost real estate sales, the government has extended the period to avail the credit-linked subsidy scheme (CLSS) under the PMAY (Pradhan Mantri Awas Yojana) on home loans for middle-income from December 31, 2017 to March 31, 2019. This will benefit first time homebuyers with annual income between Rs 6 to 18 lakh a year and save interest payout of up to Rs 2.35 lakh on a 20-year loan.

Eligibility for the subsidy

The loan is available only for the first house and the house purchased should not be over 60 sq meters or 643 sq ft for household income up to Rs 6 lakh a year. It is 90 sq meters (965 sq ft) in carpet area for people in the income bracket of Rs 6-12 lakh. For income group more than of Rs 12-18 lakh, the maximum size of the house should be 120 sq meters or 1,287 sq ft. For this scheme, the annual family income will be income of husband, wife, unmarried sons and unmarried daughters.

Check the revenue record and history of to see whether it SC grant land or not

Shubham Jhajharia
Advocate, Ahmedabad
25516 Answers
179 Consultations

5.0 on 5.0

Your question:

1. Which one is legally safe a. Buying a flat of landowner entitlement or b. Buying a flat of builders and developers entitlement?

Answer: Both have their lists of pros and cons. If all the paperwork and there are no pending disputes in respect of land or the seller, then it is alright to go ahead and pruchase;

2.what are all the documents necessarily need to be checked for purchasing land owner entitled flat and builder entitled flat?

Answer: There are many documents. You will need to engage a local lawyer to get this done or property expert or an agent in the business of real estate;

3. I am purchasing a 3 bhk flat in chandapura to anekal road bangalore, what is per square feet cost of this area currently approx value please?

Answer: You can find the market value by approaching the sub-registrar office and determine the current rate;

4.how to check the lifetime of an appartment? That will be available in any legal documents?

Answer: The depreciation value can be assessed by the office of the sub-registrar or you can approach a real estate agency near your area;

5. On what basis the life time of the appartment is fixed? What is the government rules and norms for demoishing an appartment? People are saying appartment lifetime is 30 years is it true?

Answer: Technically the average life of a building is 30 years and then it goes under redevelopment. Therefore you don't lose the ownership rights on the property;

6. Kindly give me opinion or critics about India infoline finance limited?

Answer: It is wrongful to give a critical opinion about a financial firm by an expert on this portal. The mere discussion could cause a defamation suit against either the client or the expert/s discussing on this issue;

7. For a RERA approved project if builder not completed the project within stated time what will be the penalty buider pays to buyer?

Answer: The RERA authority will assess and determine the compensation to be given to the complainant. In Mumbai maximum compensation has been given to an amount of Rs.2 crores till now. In Bangalore the lowest compensation amount given out is around 50K;

8. Does a lawyer's opinion letter will help me in future infringement litigations? or to make the opinion about the property more stronger i can go for any aggrement signing with lawyer?

Answer: It is better to get your work done through a lawyer to avoid any kind of loopholes;

9. What is this credit linked subsidy sheme under pradan mantri awas yojana scheme?

Answer: You can find the details here: http://mohua.gov.in/cms/credit-linked-subsidy-scheme.php;

10. What is the document specifically need to be verified to see whether the land or property is SC Grant land or not?

Answer: You will need to carry out a search report through a lawyer to ascertain there are no dues, or if it is NA etc., or there is no court case pending in respect of the land etc.

Gowaal Padavi
Advocate, Mumbai
1920 Answers
5 Consultations

5.0 on 5.0

1. Whether you buy flat from owner or builder, the basic due diligence would remain same

2. You need to check sanctioned plans, commencement certificate, permission from various government department and ministries like aviation authority, forest authority, fire authority etc

3. Check title of owner/ builder

4. There is no such thing as lifetime of an apartment. It depends on the quality of construction.

5. If builder defaults in handing possession then he will be liable to either refund entire amount paid by buyer with interest and compensation OR interest and compensation on money paid till handover of possession

6. A lawyer can only certify the title of a property as being clear and marketable. No lawyer would sign any such agreement as stated in your query. No one can guarantee the correctness of title. However a lawyer using his expertise and knowledge would study the title history and after careful scrutiny of documents, would certify the title in his title report

7. Can you kindly elaborate on SC grant land?

Yusuf Rampurawala
Advocate, Mumbai
6881 Answers
79 Consultations

5.0 on 5.0

Dear Sir,

My answers are as follows:

1. Which one is legally safe a. Buying a flat of landowner entitlement or b. Buying a flat of builders and developers entitlement?

Ans: Always prefer to buy flat of landowner entitlement because if any problem arise you can trace out the land owner but builder will close down his office abscond after project is over.

2.what are all the documents necessarily need to be checked for purchasing land owner entitled flat and builder entitled flat?

Answ: The list is five below. You are advised to purchase in the name of wife to get more wife if you did not suspect her bonafides.

2. I am purchasing a 3 bhk flat in chandapura to anekal road bangalore, what is per square feet cost of this area currently approx value please?

Ans: This cannot be predicted as it depends upon various factors and facilities provided.

4.how to check the lifetime of an appartment? That will be available in any legal documents?

Ans: You must get all the documents from the vendor and get cross checked in the Sub Registrar Office and also get legal opinion from the Advocate.

5. On what basis the life time of the appartment is fixed? What is the government rules and norms for demoishing an appartment? People are saying appartment lifetime is 30 years is it true?

Ans: Don’t worry, by that time law changes many times.

6. Kindly give me opinion or critics about India infoline finance limited?

Ans: It cannot be, you can check online.

7. For a RERA approved project if builder not completed the project within stated time what will be the penalty buider pays to buyer?

Ans: 10% penalty as per RERA rules.

8. Does a lawyer's opinion letter will help me in future infringement litigations? or to make the opinion about the property more stronger i can go for any aggrement signing with lawyer?

Ans: It is only opinion it cannot bind the lawyer because the vendor never share originals with the lawyer.

9. What is this credit linked subsidy sheme under pradan mantri awas yojana scheme?

Ans: You may please check with concerned government authorities.

10. What is the document specifically need to be verified to see whether the land or property is SC Grant land or not?

Ans: Those documents will be provided by the vendor, Without NOC from the Asst. Commissioner, agricultural land cannot be converted into non=agricultural land.

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1. Title Deed

This is a type of document that typically outlines the chain of ownership of the respective property. It provides full right to the owner to claim the absolute ownership over the property. While buying the property, check if it belongs to the respective seller. Check the deed thoroughly, and if have no knowledge about it you can seek help of a property agent. If the title of the property isn't in the name of the seller, then legally the property shouldn't be purchased unless the consent from the real owner.

2. Sanctioned Building Plan

Every developer at the start of the construction has to get the approval from local planning authorities. The developer has to submit the required documents for the sanctioned plan approval. So when you hunt for a residential apartment, do check if the developer agrees to present the sanctioned plan, if not then the construction is termed as illegal.

3. Completion/Occupancy Certificate

This is yet another essential document the developer of the property has to submit to the buyer. Municipal authorities issue the Completion Certificate (CC) after the completion of the project. Occupancy Certificate (OC) is issued by the local government agency after the inspection and states safe for the residents. These documents are an important part of the home loan and should be in your checklist.

4. Tax Receipt

The property owner has to present you with the legal tax pay receipt failing to which the government is authorised to impose a penalty of certain percent every month on the property buyer. So do make sure to check if the existing property owner has completed the tax regime.

5. Encumbrance Certificate

It is a document issues by the sub-registrar to check if there is any encumbrance on the property like mortgage, charges, etc. The sub-registrar issues the certificate with complete details about the legal dues pertaining to the property. It is important for the property buyer to check whether the property is under mortgage or loan.

6. Mother Deed

This document is needed when you buy a resale property. This is the parent document tracing the ownership right from the start. There are situations where the owner may do some fraud activity by undertaking the ownership of the property illegally, which will certainly effect your investment.

7. Power of Attorney

This is an important document when buying a property. It is required to know if the seller has complete right over the property and selling it. You can even check with the real owner to have a check over the enforcing of power of attorney to the seller.

8. Mutation Document:

This document contains all the details about the property including the name of the owner, property size, location, and other important information. It is issued by the municipal authority in the name of the present owner.

Kishan Dutt Kalaskar
Advocate, Bangalore
6050 Answers
381 Consultations

4.8 on 5.0

Firstly, sir, you need to decide as to what exactly you want either from the landowner or from the builder as both the options are good if proceed smartly.

Secondly, you should go to the registrar’s office and find out if any dispute over the land or whose title is at the property in present.

Thirdly, circle rate can also be determined by the office of the registrar’s.

Fourthly, and also go to the local police or concerned court to inquire about any litigation pending with regard to the property.

Sanjay Baniwal
Advocate, South Delhi
5464 Answers
13 Consultations

5.0 on 5.0

1. You are planning to buy a flat, whether it is land owner or builder what difference it makes, you have to select the property of your choice and not the person who sells it.

2. The same set of documents that the builder will be providing you shall be applicable to the owner's share of flat also, except the owner will be selling his property directly but the builder will be qbl to execute registered sale deed on the basis of POA on behalf of the landowner.

3. You can enquire the cost locally.

4. The architect or Engineer's report on the construction will provide you the desired details.

5. The architect report will confirm this.

6. IIFL (formerly known as India Infoline Limited), is an Indian diversified financial services company headquartered in Mumbai. Th critic comments of this NBFC can be seen from their website.

7. You can get the information from Karnataka RERA on this subject based on the information you would like to clarify from their website too.

8. No lawyer will enter into an agreement you wanted to, becasue a lawyer is approached for his opinion and not for any contract.

A lawyer's opinion is not law but it is an interpretation of law in this regard or on the matter referred before him/her.

9. The benefits under the CLSS can be availed by Economically Weaker Sections or Low Income Groups who are looking for housing loans from financial institutions and banks that are participating in the Pradhan Mantri Awas Yojana Scheme. Borrowers can Credit Linked Subsidy for new construction or for adding a room to their existing house.

The houses that are constructed or acquired by taking the benefits under the Pradhan Mantri Awas Yojana scheme will have to be registered in the name of the female head of the household. The beneficiaries have an option to register it jointly in the name of the male and female head of the family. In special cases where is not no female head in the family, the house can be in the name of a male head of the family.

Also, this has to be the first house owned by the beneficiary. The beneficiary family should not own a pucca house in his/her or in the name of any member of his/her family in any part of India.

10. The property link documents and tracing of title.

T Kalaiselvan
Advocate, Vellore
78089 Answers
1543 Consultations

5.0 on 5.0

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