Hi Everybody,
I need to know the legallity of the following situation.
Mr. A is the owner of a site in bangalore allotted by a *** employees association.
In the sale deed executed by the ** employees association to Mr.A, tells that 10 years from the date of sale deed execution cannot be sold to others nor leased. If done, the *** employees association can take the possession of the site.
Mr. A passes away and his legal heirs wife Mrs.x, son's Mr.y , Mr.z and daughter Ms.g (unmarried) gets the khata in their names of the same property.
Mr. B executed a sale agreement with the legal heirs and it is registered agreement. Stamp duty is also paid.
Due to non availability of NOC from the *** employees association, (pending from past one and half year), Mr. B is now thinking of going for registered GPA from the four parties in his name.
what will be the Pros and cons of registered GPA for the above situation?
Once the GPA is registered, on this basis can he construct house, or get bank loan in his name?
After obtaining NOC from the *** employees assocation, can the same property be registered as sale deed in his name or his family members name?
Please suggest me!!!!!
