Hi,
I am planning to buy a builder floor in Greenfields Colony Faridabad.Builders there say that registry is not open for that area so GPA will be done.
1. Is Buying property on GPA safe?
2. What all risks i am taking if i buy the property?
3. if in future i want to sell the property, what all hassles can i face?
4. Any issues which i am foreseeing?
Thanks in advance for all advices.
Adv.R.P.Chugh (Advocate/Legal Consultant (rpchughadvocatesupremecourt@hotmail.com)) 12 February 2012
Mr.Vanshul,
Please understand a GPA is only a power of attorney where the owner authorises you to deal with his property as his authorised agent. It does not vest any title in you. In most cases it is also accompanied with an agreement to sell, which is also not a title in itself, and after the latest supreme court ruling, won't help you much. An agreement to sell - is basically an agreement that sometime later - the real title would be transferred i.e it merely gives you a right to obtain another document.
Though if the agreement to sell etc is registered and you gain possession - you'd be able to protect your possession - but you wont be owners in the eyes of law. You'd still have to seek specific performance.
Consult a good lawyer - better safe than sorry in such matters.
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