I own 6.25% in a property with old half destroyed building. There are 4 coowners who are selling their combined 93.75% share to builder for getting lumpsum amount so for them what does builder do with property and few old tenants and shopkeepers does not matter. I am having a small shop there and I have asked part money and 150 sq. feet shop. Builder is not ready for DAPA, he wants direct sale deed. What is risk for me with direct sale deed? What if he never builds anything or does not give me possession of shop after building is ready?
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In case of sale deed builder is under no obligation on redevelopment to offer you any shop premises
2) you should sell your 6.25 per cent share for redevelopment of building . It should be provided that redevelopment would be completed within 3 years of your vacating premises and you would be offered shop of 300 square feet on ownership basis
3) builder should give Bank guarantee and in event of breach of contract you can encash the BG
Direct sale deed means you will get money in lieu of your area .
So if you are willing you can proceed to sell the area presently occupying by you and move away with the money.
While making the sale deed first receive the money and they register the sale deed.
If you are not willing to sell whereas the builder is not ready to give you back possession on the rebuilt market then file a suit for declaration and injunction.
He will sign a development agreement in which he will aasure you the said property. He can't deny the same and if he denies you can go to court
In sale deed, your ownership will trasfer to builder. Than builder dose not require to give you anything.
Hello,
Enter into an agreement for sale or the builder buyer agreement with a clause for payment of penalty in case of the delayed possession.
Regards
Better u seek the detailed consultation by disclosing complete details in this case, so that exactly can be suggested to do.
If you fear that the builder may deceive you at a later stage, then you enter into an an agreement to this effect and get it registered so that you can enforce it in the court of law in case the builder fails to comply with the conditions therein.
Alternately you may decide to settle the issue once for all with a lump sum amount and make a quit if that is feasible or your fears about future disappointment in this regard.
Sir if you make a direct sales deed of your share then builder will not be under any obligation to provide you shop after redevelopment of building.
Thank you for your answer. We are doing DAPA now. We are getting Rs. 30 lakhs as signing amount. It is an ancestral property built by my great grandfather. We are Hindu. My Father’s name is on property card. I am his only son. I have a wife. I have a daughter who is 11 years old. My father, me and my wife wish to divide this money between 3 of us. What is legal share of each one of us in this property? How much money shall each one of us take so that we can prove it to income tax department?
As far as your father is concerned it is not ancestral property
2) your father can sell the property and divide sale proceeds equally if he so desires
Wife has no claim and property is inherited intestate from grate grand father than you/father&daughter have 1/3rd share each.
Guardian of child is father. So child share will be kept by you till she/he become major.
It will divifed between all the heirs of your grandfarher equally
Your wife will not get as you are alive. It will be divided between father, you and daughter. Your wife will only get if she gets separated and demands maintenance