Construction on shali land and mutation process
I have decided to buy a property, which is on shali land. We got to know later after paying a booking amount. We understood as this is not converted into Vaastu land, hence many nationalised bank will not approve loan. However the property has a valid HIRA number and approved from KMC too.
From different sources, understood this will be a risk to buy this property as the developer and promoter may not agree to get us a separate mutation and vanish without any detail. I am worried.
Asked 5 days ago in Property Law
Thank you all for the feedbacks. Some of your feedbacks were very generic. Here I am putting more clarifications regarding my property:
1.This property has three units or 30 flats small complex, on a Shali land.
2. As far as I know, land can not be converted in case the construction has started.
3. For this property, HIRA registration is done and which is valid for a year.
4. LIC housing, Punjab HFL (private entity/subsidiary of PNB bank) is offering loan, as this property is already approved by them.
5. I meant by nationalised banks are SBI, PNB as this land is not converted into Vastu.
6. I want to know the risk of owning a property here. As I know already some of the families are moved there and has completed registration too.
7. Will they do a mutation for my flat too ? or they won't be able to do so.
Please respond, so I can reach out to you for the rest of the process officially.
Asked 5 days ago