Regarding exchange of plots without exchange deed

5 years ago

Hi,
I have purchased a flat in apartment, where one govt bank rejected the project approval stating that there is issue in sale of plots. Let's understand this with an example. A builder has purchased various plots from different people to construct an apartment, where Person A has all legal documents (sale deed, registration docs etc) for his plot (plot 1). The same case is with Person B for plot 2. Now, after few years they passed some board resolution and with mutual consent on a bond paper/stamp paper, they exchanged their plots and A became owner of plot 2 and B became owner of plot 1. But they did not prepared and signed Exchange Deed or Rectification Deed. Now, they sold their plots (exchanged plots) to the builder.

My question is, will there any issue for flat owners, if A and B have exchanged their plots with mutual consent and documented only on bond paper? What documentation a flat owner can do to safeguard his property/flat?