Check list for company property
dogra
(Querist) 11 May 2012
This query is : Resolved
Sir,
I want to purchase some land,which is owned by a Public limited company.
Pls give me some sort of check list for the things i need to verify before entering into any deal with the Public limited company.
What are all the things ,i must take care before buying such Industrial plot. I want to use it later for residential/colonising.
best regards,
Rajesh Dogra
ajay sethi
(Expert) 11 May 2012
dograji
you need to contact local lawyer . take 30 years title search before purchasing property .
Guest
(Expert) 11 May 2012
(i) 30 Years Encumbrance Certificate to be scrutinized;
(ii) Check the type of ownership of land, ie., whether it was allotted to the Public Ltd Company by Govt for any specific purpose, etc.,
(iii) Seek the 'authority to alienate', ie., the powers of officials of Co.,
(iv) Enquire from the local authorities, ie.,Revenue authorities regarding any acquisition proceedings or other proceedings pending against said land.
(iv) The most important aspect is to cross-check whether the Company's land can be converted into residential property. (In certain cases, the Govt allots/earmarks certain property purely for industrial purpose like SEZ. Hence, it is advisable to be more cautious on this issue).
(v) It is always better to publish a Newspaper publication regarding your intended purchase after the above steps.
Shonee Kapoor
(Expert) 11 May 2012
Nothing left to be added.
Similar query has been answered multiple times on the section, dig LCI Archives.
Regards,
Shonee Kapoor
harassed.by.498a@gmail.com
A V Vishal
(Expert) 11 May 2012
I agree with Mr SS on the conversion of land into residential, if the basic requirement is not/cannot be met the other things are a futile excercise.
R.K Nanda
(Expert) 11 May 2012
I agree with experts.
dogra
(Querist) 15 May 2012
Thank you Experts.I am grateful for the inputs.Best regards,
Rajesh Dogra
+919872289049
