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Bala (Software Engineer)     24 January 2013

Reg: commercial flat registered as residential purpose

I am about to buy a flat which was as per the building plan is commercial. But the person who bought the same hsa registered the same for residential purpose. Now bank is having a problem in approving the loan and they are saying it can't be approved as commerical / residential. Since as per building plan its commercial and as per registered sale deed its for residential. Any help on the same would be great.



Learning

 4 Replies

Hemant Agarwal (ha21@rediffmail.com Mumbai : 9820174108)     25 January 2013

1.  The Civic Authorities Sanctioned Building Plan shall be Final in all respects.


2.  If the commercial property is registered as a Residential property, then it is invalid, till appropriate change of user procedures is completed by the Civic Authorities, in its records.  The Registered Deeds cannot be lawfully  taken for determining the Commercial / Residential Status of the property.


Keep Smiling .... Hemant Agarwal

1 Like

Bharatkumar (ADVOCATE )     25 January 2013

PLAN PASS IS COMMERCILAL THEN U CAN NOT REGISTERED DOCUMENT IN RESIDENCIAL , AND THE TITLE OF PROPERTY IS NOT CLEAR IN THIS CASE. U CONTACT CORPORATION OFFICE FOR THAT AND PAY CHANGE OF USE THIS PROPERTY COMMERCIAL TO RESIDENTIAL.

1 Like

THANGADURAI (Proprietor)     25 January 2013

You have to apply for the correction of the registered document to change it to commercial as per plan.

Changing the building plan is not possible now. You can use the building as per plan. If you want to get a housing loan, it is not possible. Else you can get a mortgage loan from the bank or for purchasing a commercial flat.

1 Like

Bala (Software Engineer)     27 January 2013

Experts,

  You have been always helpful and thx for providing inputs. Following are the informations I have got as a proof of this commercial flat being used as residential.

1) Property Tax paid is residential tax

2) Meter reading / EB bill paid is as per residential tariff

Btw seller is ready to provide any help on this. Please let me know what should I do to make this cleared from this mess and get through the loan ?. Please let me know little more in detail of procedures, since I don't have much idea in this industry. Thanks in advance.

rgds

Balaji


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