Byuing flat from Builder with Panchayat Approval
Dear Experts,
I am planning to buy a flat which is being developed by a builder in Bommasandra Area of Bangalore. He told that the land belongs to his Brother and the development is a joint venture between them. It will be a G+4 apartment building with 20 flats and already construction is in progress. Bommasandra/Electronic City does not come under BBMP according to him, so the best he could get is BMRDA approval for the building. But since the area of the land is below 8000 sq ft. there will not be any BMRDA approval So, he is building it under Panchayat Approval. However, he has got tied up with Banks like Andhra, India bulls etc. And I can avail home loan up to 80-85% based on my credibility. But I need to do registration immediately after the loan is sanctioned.
I need your expert advise in taking decision if it would be wise to go ahead to purchase the flat. Will there be any problem in future? What are the risks involved? If I can go ahead what are the documents I must verify with a Bangalore based Lawyer?
I was attracted because of the price and design of the flat(s).
Thanks in Advance
Regards
Bikash
Asked 8 years ago in Property Law
Religion: Hindu