MR. AMOL HK (OFFICE ASSTN) 05 November 2012

Purchase of plot

Sir,

I had visited the site of the plot but which is NA processing and also plotting has not been done yet so i am unaware of what i am buying and also where I will get the plot. Hence i want to know is this a correct processor to purchase plot from developer. And at the time of the down payment i was asked to pay 6 post dated chq. and remaining there after every 6 month for four and half year. At time of down payment and 6 post dated chq. i will get a MOU but only after one month. what is the MOU contain should be? is it necessary to make a stamp paper or notary and time of receiving MOU. Please reply ASAP.

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2 Replies

S Jadhav 98336 98330 (Jadhav & Associates) 05 November 2012

Dear Amol,

Any transaction related to immovable property has to be doen vide a stamped and registered agreement. MoU is not worth the paper it is written on as far as your rights on the property is concerned.

If you are buying in Maharashtra, then you have to be an agriculturist to purchase agricultural land. Sicne the land is not yet NA, you may be unable to register such a document. MMany so called builders/developers take money from the customers saying that we will give you concessions in payments and when you can pay etc. and use your money to buy such lands at a very low price and sell you at a very high price. Many of them may never convert the land into NA and you will not get anyhting. There are very few persons whom you may be able to trust and give money to buy land on your behalf. Please do not get into such transactions as you may lose your full money. There have been many cases, even reputed developers of going back on their word after the property prices have gone up.

Best is to buy directly, maybe as a group of known people. Buying whether on such a MoU or without any paper is almost same and not advisable unlessyou can bear such a risk.

S Jadhav