I am looking to buy a flat in an apartment which is around 3 years old. People have occupied all the flats in the apartment and I am looking for a second sale. I have a query but before I ask the query, given below is the background of the property :
1. The apartment is a joint venture between the builder and land owners. As per the joint development agreement (JDA), 72% of the flats belongs to the builder share and 28% of the flatbelongs to land owners share. The flats that belongs to the land owners share is clearly called out in the JDA.
THIS JDA DOCUMENT IS REGISTERED.
2. The land owners has given a general power of attorney (GPA) to the builder to sell flats in the apartments. Though this GPA is pre-dominantly given tothe builder to sell 72% of builders share, it also has a "NOTWITHSTANDING" clause which states the following:
" Not withstanding that the attorney shall execute sale deeds in respects of the apartment units comprising in proportional extent of constructed area delivered to us/owners after completing construction from time to time, out of 28% area allocable to us/the principals"
THIS GPA DOCUMENT IS REGISTERED.
3. There is another GPA document which one of the land owner (who owns the flat under consideration) has given to the builder to sell this flat under consideration.
THIS DOCUMENT IS NOTARISED BUT NOT REGISTERED.
4. Based on points 1 and 2 above the builder ALONE has executed the FIRST sale deed. Though point 1 and 2 are referred in the first sale deed, point 3 is not referred in the sale deed.
Query :
1. Does point 1 and 2 give enough rights to the builder to execute the first sale deed? I have this doubt because the GPA mentioned on point 2 pre-dominantly gives rights to sell 72% of flats which is the builders share.
2. Is it safe for me to go for the second sale? Is there anything that I should do before I go for this sale?
Thanks in advance for any guidance/help on this query.
1. The apartment is a joint venture between the builder and land owners. As per the joint development agreement (JDA), 72% of the flats belongs to the builder share and 28% of the flatbelongs to land owners share. The flats that belongs to the land owners share is clearly called out in the JDA.
THIS JDA DOCUMENT IS REGISTERED.
2. The land owners has given a general power of attorney (GPA) to the builder to sell flats in the apartments. Though this GPA is pre-dominantly given tothe builder to sell 72% of builders share, it also has a "NOTWITHSTANDING" clause which states the following:
" Not withstanding that the attorney shall execute sale deeds in respects of the apartment units comprising in proportional extent of constructed area delivered to us/owners after completing construction from time to time, out of 28% area allocable to us/the principals"
THIS GPA DOCUMENT IS REGISTERED.
3. There is another GPA document which one of the land owner (who owns the flat under consideration) has given to the builder to sell this flat under consideration.
THIS DOCUMENT IS NOTARISED BUT NOT REGISTERED.
4. Based on points 1 and 2 above the builder ALONE has executed the FIRST sale deed. Though point 1 and 2 are referred in the first sale deed, point 3 is not referred in the sale deed.
Query :
1. Does point 1 and 2 give enough rights to the builder to execute the first sale deed? I have this doubt because the GPA mentioned on point 2 pre-dominantly gives rights to sell 72% of flats which is the builders share.
2. Is it safe for me to go for the second sale? Is there anything that I should do before I go for this sale?
Thanks in advance for any guidance/help on this query.
