Suresh Kumar (Fin.Mgr) 25 June 2017

Sub division of property

Dear Experts,

My father having a DCTP(year 1976) approved plot in Chennai, Kodyungaiyur measuring 2400 Sq ft (40' x 60') and he wish to give settlement equally for me and my brother. Each will get 1200 sq.lft measuring 20 x60. He executed settlement agreement and patta also changed in both of our individual names.

Now I am planning to go for construction, availing Bank loan. and approached 2-3 consultants wherein either they have not clarified fully or I am not understanding their versions. My query is as follows :

01. Whether sub-division is necessary for the plot under settlment.

02. What is the fees now payable for sub division.

Kindly reply as soon as possible.

Ramesh Prabhu.

Reply Follow

4 Replies

Ms.Usha Kapoor (CEO) 26 June 2017

I'm of the opinion that subdivision is not necessary as patta got mutated on your individual names.Bank loan should be available as you've got yo patta on your individual name.That confirms your ownership.Family Settlement agreement is final and binding.This also confirms your ownership. to the property under question If.Bank people say sub division of plot is mandatory for loan then you go for sub division Approach 3 or 4 Banks. If all those Banks say sub division of plot is Mandatory you go for sub division of plot.Anyway consult a Good property lawyer in this regard AND accordingly proceed.

Kumar Doab (FIN) 26 June 2017

Probably the lender require each plot with clear boundaries/sides.

Understand the requirement from lender(s) and fulfill the requirements.

P. Venu (Advocate) 26 June 2017

Has the property been demarcated by metes and bounds in the settlement deed? if not, a partiton deed needs to be executed and mutations carried out on that basis. Expense is primarily towards stamp duty; it varies from State to State.