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Simran (none)     10 August 2018

Buy flat in tdr building - mumbai

The property in question is in Mumbai Suburbs.

Original 6 stories Building was constructed 40 years back.

Builder added 5 more floors 10 years back using TDR. Flat for sale is on 8th floor. Front road is 30 feet wide and side road is 40 feets wide. In the back there are other buildings.

What are the consequences of buying a flat in a TDR building?

Since the original building is quiet old the redevelopment might happen anytime in near future. Will any builder be interested in redevelopment of such building where TDR is already used?

What will happen when building gets too old (or faces any natural calamity) to live in safely and must be demolished and redeveloped? If no builder is interested in TDR building what will be future of the existing flat owners? Will flat owners have to contribute from own pockets to build a new structure?

Please help clarifying whether it's a good idea or bad idea to buy a flat in TDR building.

Very urgent.



Learning

 4 Replies

VIRAJ KADAM (Advocate Supreme Court of India)     10 August 2018

 

No problem buying flat in TDR building.

If entire TDR/FSI is used then redevelopment would be an issue. Society can do repairs or can go for self redevelopment. Old property will always ask for maintenance. To buy or not to buy is your decision based on location and price. If you have money you can get many better properties [new construction]. If you are getting this at throwaway price take it.

No further query please. 

SOLOMON.RAJ (advocate/director)     11 August 2018

Please dont buy it ,it is a sheer waste of time, money and effort. Instead go for a newly constructed apartments having less floors.

Adv. Solomon Raj,
Attorney at Law,
Bharat Gaurav samman awardee 14
AICC National Legal Chairman.
email:rajcarey@yahoo.com
phn:9866545086

SOLOMON.RAJ (advocate/director)     11 August 2018

Please dont buy it ,it is a sheer waste of time, money and effort. Instead go for a newly constructed apartments having less floors.

Adv. Solomon Raj,
Attorney at Law,
Bharat Gaurav samman awardee 14
AICC National Legal Chairman.
email:rajcarey@yahoo.com
phn:9866545086

Simran (none)     11 August 2018

Thank you for quick clarifications.

Since no builder will be interested to do the redevelopment and if the society decides to go for self-redevelopment, who would pay for the construction of the new building?

At what "throwaway rate" it is safe to buy in TDR building? Like 50% of current market rate in the area? Or more? Or Less? What should be the reasonable price.

The building in question is very well maintained and the flat is superbly done.


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