I am planning to buy a under construction flat via an assignment deed. For legal verification, I have advised to get the Index of Charges for the builder (Sobha Limited) issued by Registrar of Companies. Is this something that is critical and how will it be interpreted?
First answer received in 10 minutes.
Lawyers are available now to answer your questions.
Looks like you are purchasing this property on loan.
In such cases the creditor while rendering financial assistance look for financial health of the seller.
It is nothing serious and a matter of formality.
The charge on company is available online in public portal.
If you are planning to buy a house proeprty it is always advisable that you obtain a proper legal opinion from an experienced lawyer before venturing into it
An Index 2 is a document that serves as an official record that contains crucial information regarding a property transaction, including the names of the buyer and seller (or other parties involved), a description of the property in question, the date of the transaction, as well as the registration number.
To access Master Company/LLP Data click “View Company/LLP Master Data” link; to view Index of Charges, click 'View Index of Charges'; and to access signatory details, click on 'View Signatory Details' on the left hand side of this page. Enter the Company/LLP Name or CIN/LLPIN of the Company/LLP.
1)Generally we see charge on mca portal to analysis the following matters: 1. To see the amount of loan taken by Company. 2. The details of property on which the company has its ownership.
3) the total indebtedness of company
4) the name of bank from which loan was taken
5) liability position of company
If project is RERA registered then you can check and verify from RERA authority and their site. Registrar of companies have nothing to do with charges.
Assignment deed doesn’t give you ownership rights and only assignment is given to you. Get the same registered also
Dear Client,
Yes, it is very important to download the index of charges for the builder, Sobha Limited, from the Registrar of Companies. It shows details on any claims or legal liens on the builder’s property that include the under-construction flat that you are planning to purchase. This assists in establishing that you are unaware of any pending legal or financial issues that may hinder your ability to own the property.
Interpreting the Index of Charges involves checking:
Whether there are any liabilities, such as loans or mortgages, that are still possibly owed against the builder’s property.
If there are several charges, their sequence as well as the priority of the charges are mentioned. to make sure the particular project is not rendering the flat a security.
If the index includes existing charges, then it is very crucial to confirm that the mentioned charges will be dropped at the time of payment only. It is important to do this so that if any legal or financial problems occur in the future, they can be addressed before it’s too late.
The Index of Charges maintained by the Registrar of Companies reveals the details of a company's assets charged or encumbered to its various creditors. As such, it is a vital document as required for legal verification.
- From the website of Ministry of Corporate affairs , you can get the complete details of the said builder and its projects .
- But, if the builder has provided other details pertaining to the flat which you are going to purchase i.e. approval letter, Building approval plan, Commencement Certificate (For under construction property), Khata Certificate and Khata Extract, Encumbrance Certificate (EC), Betterment charges receipt etc. , then no need for getting the index of charges of the builder.
