Najmul Huda
05 January 2012 at 08:46
Dear Sir/Mam, I have booked a 3 BHK flat in a multistory under construction building by UNI Constructions "PALM RESIDENCY" at Koliwada, Sector 16, Nerul (West) Navi Mumbai. The builder/developer is advertising the construction to be on gaothan plot and has clearly told that no nationalised bank will sanction loan for this flat but he will arrange the loan from cooperative society at .25% heigher than market rate to which I have agreed and have already paid a sum of Rs 2,00,000/= as booking amount on 25 Dec 11. Now I came to know that if the constructoin doesn't qualify for loan from a nationalised bank there seems to be problem of title. However, the builder says that it belongs to a farmer and he is developing it for him at 50-50 share basis means ownership of half the flats in building will be that of builder and remaining 50% to the builder. In such a situation what are the complications I am likely to face as occupant/owner of one flat? and how can I avoid them. Please treat me as having almost nill knowledge about the subject and advise. Regards
Purchase of flat in building constructed on gaothan/gharpatti plot
Dear Sir/Mam, I have booked a 3 BHK flat in a multistory under construction building by UNI Constructions "PALM RESIDENCY" at Koliwada, Sector 16, Nerul (West) Navi Mumbai. The builder/developer is advertising the construction to be on gaothan plot and has clearly told that no nationalised bank will sanction loan for this flat but he will arrange the loan from cooperative society at .25% heigher than market rate to which I have agreed and have already paid a sum of Rs 2,00,000/= as booking amount on 25 Dec 11. Now I came to know that if the constructoin doesn't qualify for loan from a nationalised bank there seems to be problem of title. However, the builder says that it belongs to a farmer and he is developing it for him at 50-50 share basis means ownership of half the flats in building will be that of builder and remaining 50% to the builder. In such a situation what are the complications I am likely to face as occupant/owner of one flat? and how can I avoid them. Please treat me as having almost nill knowledge about the subject and advise. Regards