Dear Sir,
I am from Chennai and planned to buy a plot (Land) in CMDA approved layout. The builder is saying that the plot is belong to special category i.e. the plot should not be sold for one year from the date of CMDA approval, during the period, If government wants to build up a “Fire station” or “Post office” or telephone exchange”, etc in the layout then they buy the plot from the builder at the cost of Guideline value; If the government does not buy the plot in the aforesaid period of one year, then Builder can sell the plot to anybody for residential purpose.
And the builder showed me the same rule/statement, which is clearly mentioned in CMDA layout document.
When I check for loan from Axis bank for the same plot, they said that “they can sanction the loan after one year only”.
Now, the plot the completed its one year period of time, and the banker is ok to sanction the loan for the plot.
so can I buy the plot and what are the document should I get from the builder for the aforesaid plot?
Note: I have the attached the part of CMDA layout snapshot for you reference
