Purchasing a flat on allotment letter !
Anmol
(Querist) 03 August 2014
This query is : Resolved
Is it safe to make an investment of a flat by getting a paper for full and final payement , allotment letter and possesion letter of a flat from a builder and not getting the registry done for making profit on short term basis like an year or 2 ? cause i have seen many investors doing that way leaving a purchase on just an allotment letter from builder , and the builder charges a fixed fee for issuing a fresh allotment letter for selling it to third party , mean while i pay the electricity bills and maintenence charges to builder ? would it be suitable ?
thank you !
Isaac Gabriel
(Expert) 04 August 2014
t valid documentsalone will give you title deed.
ajay sethi
(Expert) 04 August 2014
no insist on registered sale deed from builder
Rajendra K Goyal
(Expert) 04 August 2014
Ask for registered sale deed. Agree with the expert.
Dr J C Vashista
(Expert) 04 August 2014
It is unsafe, invalid and illegal transaction.
Ask the builder to get the property registered in your name.
T. Kalaiselvan, Advocate
(Expert) 04 August 2014
What if, the investment itself is wiped out by saying that you are not the owner, mere possession and allotment letter will not confer the title, so while selling it to a third party, you will not be a vendor, suppose the buyer pays the vendor (builder) and the vendor in turn cheats you by not paying, what will be the position of your investment?, why to run a risk, better play safe.
