Residential property
Poonam Singh
(Querist) 16 November 2013
This query is : Resolved
Sir,
I am planning to buy a 1BHK flat which was part of a hostel previously (commercial use). The entire floor (1st floor) was a hostel earlier which is now split into flats and sold seperately by the builder, all the other floors are completely residential with society. My queries are as follow :
1. What all documents (from the builder, society, any other body etc) do i need to check or confirm before going ahead with the deal?
2. What will be the consequences of going ahead with the deal without proper permissions taken by the builder to convert it from commercial to residential purpose ?
3. Is there any other risk involved in such a converted property ?
Thanks in advance.
BAALASUBRAMANNYAMM
(Expert) 16 November 2013
(1)Title Deeds, in whose favour the property stands. Link documents for last 30 years. EC for the last 30 years. Necessary Building permissions from the authority etc.,
(2) If it is from commercial to residential, there is no problem for you.
(3) If it is residential property converts into a commercial, then you have to take the conversion certificate to be granted by the necessary authority, is to be taken by the builder.
(4) Building Permission is must.
Raj Kumar Makkad
(Expert) 16 November 2013
1. Search report should be got prepared from a local lawyer who shall go through all aspects related to the property under consideration.
2. If builder has got no permission from the relevant authorities then leave the idea to purchase such property.
malipeddi jaggarao
(Expert) 17 November 2013
Agreed with experts.
Additionally ask the seller - if the property is classified as commercial property (while it was used for hostel purposes), to produce re-conversion certificate into residential property.
R.K Nanda
(Expert) 17 November 2013
get property verified by lawyer.
T. Kalaiselvan, Advocate
(Expert) 19 November 2013
experts Makad and Rao have appropriately adviced you. Thus, take an opinion of a prudent local lawyer before you venture upon the purchase.
