Regranter chap (SE) 14 September 2011

Need advice to buy commercial land!!

Hi all,

Really happy to be here and this is my first post here and i am from chennai.

Here is what my confusion is all about.

Couple of weeks back, One of my dad's friend came to me and told about a land. He said it is sold by a society. He also said that there are totally 60 plots with one commercialised. (Is there any law states that 1:60 ratioshould be maintained with respect to commercial and home land?)

Since all the 59 plots got sold, I just had the commercial plot left. Here starts the hassles.

First problem they said was i cant avail a home loan to buy that plot since its commercialised.

Fine, I planned to avail a personal loan and i applied for it.

Things went smooth. Now all of a sudden a guy called from society and told that society can't sell commercial plot in normal home plot rate. They need some special permission to do that!!! He also said that society will give that commercial plot back to the original owner. I may have to deal directly with the owner who is selling.

Now that i am out of society. My thought now is, Does this deal sound safe? Is there any law state that society is not suppose to sell commercial land under normal home plot rate? Need your suggestion to take this forward.

Thanks in advance,

Marun

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1 Replies

(Guest)

Is there any agreement to sell the property to you?

Since the property is of the society the bye laws may have been framed such that when resolution has been passed the property cannot be sold.

Moreover the commecial /home plots may be plotted based on the by- law of the society. kindly refer the bye law of the society

if there is no discrimination regarding the home and commercial plots you can fight

from your query there is no resolutionto sell the property to you has been passed by the society. Onlyif the proper resolution passed then only the society can sell the property to any person. you are also not members of society. whether the society can sell the land to third party or not is the question (by-law)