Disposal of Land, bought for making Agri-Warehouse after seeking permission under Rule 109
We, a company registered in Kolkata, bought 3.45 Acres of land in Tq Ranebennur, Distt. Haveri, after getting purchase permission from DC on 13th July' 2018. We subsequently also got the land converted for the commercial usage vide NA Order dtd 15th July' 2019.
We know that the land must be put to the same usage (as per the permission) within 2 years from the date of permission.
Further to above, due to change in business dynamics, we are contemplating to sell the land. However, we are told that the land bought after getting permission under Rule 109 cannot be sold.
Could you please enlighten us in this regard.
Ashish Surana, [deleted]
Asked 11 days ago in Property Law from Hyderabad, Telangana
Can thus the land be sold after the stipulated period for development, as stated in the Purchase Permission, which is 2 years, since we have not done any development?
Here, please also note that we got the above Purchase Permission in Jul' 2018 for buying & converting the land for building Agri Food Grain warehouse on it. Subsequently, we also got the NA Order (land converted to commercial) in Jul' 2019.
Asked 4 days ago
We know that since we bought the land after getting Purchase Permission in Jul' 2018 & subsequently after purchase got the NA Order in Jul' 2019, we certainly can proceed further with our further program i.e., Layout & Building plan approval for getting the warehouse construction. But, it seems, you did not understand our query. We hereby reiterate that due to change in business dynamics and financial crunch, we cannot proceed further, but need to sale the land. Is it permissible?
Asked 4 days ago