If the agreement conditions authorise the builder or there's a clause making the owner as consenting party to the sale of owner's share, there's no legal infirmity in it.
Agreement for sale
Can landowner sale his share of flats as consenting party to customer direct from builders? Note- 1. Developers have power of attorney to sale our undivided share of flats. 2. In same agreement for sale A. Developer - first part of sale B. Respective landowner - second part of sale C. Buyer - third part of sale D. All landowner together - fourth part or consenting or confirming party.
Asked 3 years ago in Property Law
Religion: Hindu
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12 Answers
But there is several bank panel advocate asking divided area share with registered supplimentary deed for customer loan approval. is there any need ? specifically SBI asking for registered supplementary deed for divided area share As I want to sell flats direct from developer to save higher value of capital gain tax arises immediately after such transfer
Asked 3 years ago
If the share of the owner has not been properly prescribed or mentioned in the original deed then the bank may insist on the supplementary deed to identify the title to the seller to sell this 8individual unit in favor of buyer.
Insofar as the deed pertaining to transaction of immovable property, it is mandatory to execute the same by a registered deed as per provisions of section 17 of the registration act.
I am going with registered agreement for sale for transferring same flats from developer to buyer as landowner is confirming and consenting party. But at the time of JDA no one knows the divided share of flats for that reason we also given power of attorney to developer to choose our flats and sell to various buyers which is impossible for any landowner to sort out same.
Asked 3 years ago
The law cannot be bent suiting to one's convenience.
If the power of attorney deed is by a registered deed then the builder can sell the property which has been mentioned in the power deed.
Whereas you have not specified the particular property in the power deed, hence you are required to have a supplementary deed mentioning the details of actual properties allotted as your share.
Therefore in order to avoid complications in the future too, it would be better that you comply with the requirements of law.
yes they can sell till you cancel your poa
You need suplmentary sharing agreement about your share of flat
should be stamped and registered
however in sale agreement between builder and purchaser landowner can be consenting party
The reason banks are asking suplementary sharing agreement between builder and landowner is to avoid legal complications in future as to share of builder and landowner in flats constricted on the plot
It is in your interest to enter into suplmentary sharing agreement with builder
builder can sell flats to purchasers with you as consenting party
- In sale of undivided share of property, it is not certain as to which part of property is sold to buyer. It is therefore necessary to divide the property and then sell the same. Banks will not sanction loan for such property.
- When POA is executed to sell the property, the principal cannot sell the property without cancelling the GPA.
- Yes, if the landowner has given his consent by a registered GPA to the builder , otherwise there is requirement for supplementary deed .
- However, if you are going to enter into a registered agreement to sale for transferring your share in favor of builder , then the supplementary should not be asked by the bank.
Dear client, I am sorry to hear that but in this case you can absolutely sell your property to the other party but you have to get noc for the same.
In JDA builder may have mentioned the sharing ratio, that owner and builder will get after the construction of the building so here you can calculate the total plot area and permission from municipal corporation how much built-up is granted.
the buyer will pay you right?
so how does it matter whether you are the main vendor or a confirming party
the ultimate seller is you and the sale proceeds will come to your account, so there is no way out by which you can save the capital gains tax
even though the developer has a POA from you and may be entitled to receive sale proceeds but that he would be doing so on your behalf and as your agent
