• 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 : hemal7980@yahoo.com and your suggestion would be highly appreciated.

Regards,

Hemal
Asked 3 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
Ajay Sethi
Advocate, Mumbai
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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 .
Ajay Sethi
Advocate, Mumbai
23334 Answers
1220 Consultations
5.0 on 5.0

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