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Buying of landowner's allocated flat from Developer
Buying of landowner's allocated flat from Developer
1 year ago
What are to be kept in mind when buying flat from landowner's allocation through the Developer , and which papers are needed to move on with further procedures of purchase of the flat?
A.Hello Sir,
In a Joint Development Agreement (JDA), a landowner contributes his land for the construction of a real estate project and the developer undertakes the responsibility for the development of property, obtaining approvals, launching, and marketing the project. This agreement should be registered in the court of law under Section 53A of the Transfer of Property Act.
Check the "Title Deed / Certificate Of Title" of the land.
Ask for the "Encumbrance Certificate".
Get a recognized surveyor to measure the land and see that the dimensions, area, borders etc. are accurate as stated by the seller.
If there is more than one owner, it would be wise to get a "release certificate" from everyone involved before going ahead with the process.
In a Joint Development Agreement (JDA), a landowner contributes his land for the construction of a real estate project and the developer undertakes the responsibility for the development of property, obtaining approvals, launching, and marketing the project. This agreement should be registered in the court of law under Section 53A of the Transfer of Property Act.
Check the "Title Deed / Certificate Of Title" of the land.
Ask for the "Encumbrance Certificate".
Get a recognized surveyor to measure the land and see that the dimensions, area, borders etc. are accurate as stated by the seller.
If there is more than one owner, it would be wise to get a "release certificate" from everyone involved before going ahead with the process.
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