Residential Plot termed as owner's plot of developer of society
I have a residential plot in surat and its termed as owners plot. I have agreement registered in smc (surat minicipal corp) recently and paid stamp duty of 104000/- .Its a residential society with plot size of 89 vaar (1 vaar = 9 foot) and consists of raw houses and is developing quickly. Plot is owned by me but its termed as owner's plot where owner plot I think means plot of developer of the society...The society was developed by my cousin & my dad and many of our relatives had their names in 7/12 of land. Unfortunately my cousin is no more & this plot is being given to me by him. When i asked the concerned person about selling it , i was being told that the plot is shown as owner's plot and not the normal plot in Society Plan which has been submitted to smc during plan pass and I myself can avail loan on the plot to construct but if I sell the plot to anyone then he would not be eligible to get loan from the bank. Now my question is when I have paid required stamp duty and have valid agreement (Dastavej) of the plot then why cant I sell it and seller can avail loan on it...I request to kindly let me know weather this is real law that if during plan pass a plot shown as owner's plot is not eligible for loan if sold to anyone or am being misguided so that i may sell off my plot at discounted price. my email id is : firstname.lastname@example.org and your suggestion would be highly appreciated.
Asked 4 years ago in Property Law from Surat, Gujarat
it is necessary to go through the agreement entered by you for purchase of said plot . if you have paid full consideration for purchase of plot you are absolute owner of said plot . it cannot be regarded as developer plot . based on registered agreement make an application for mutation of plot in your name . you would be entitled to sell the plot .
contact a local lawyer . cross check records with SMC . also peruse society plan sanctioned by SMC . a s owner you are entitled to take inspection of records
Sir, society was developed by my uncle 10 years back but unfortunately he is no more so now my cousin (uncle's son) himself is developer of the society & plot is between name's of my cousin & me. In society plan this plot is not numbered like other plots of society... In fact in society plan its shown as Owner's plot. I was being told that as its shown as owner plot in society plan so only developer can avail loan on it for construction but if we do sell it then the buyer wont get loan because in society plan its shown as owners plot . We no longer need this plot & wanted to sell it so are any other options open coz today as property rates are increased very much any buyer would select property on which loan can be availed.
Asked 4 years ago
since developers are your cousins please take them into confidence about your intentions to sell the plot . since you have paid full consideration for the plot i dont think they will object . in your agreement for sale of said plot developers can be joined as confirming party .
as advised earlier it is necessary to go through agreement signed by you with developers . better engage a local lawyer . based on his opinion proceed ahead .