Flat purchase in private scheme of SRS
8 months ago
Hi I am planning to purchase a flat in private scheme of SRA in Mumbai area (Malad/Kandivali). Builder has demolished slum and is building separate buildings for Slum and separate building as private to other buyers in range of 60 to 70 Lacs. Is it safe to buy in private scheme. Also advise since land belongs to govt of Maharashtra, can the private building go for redevelopment later after 40-50 years by transferring land under society name via conveyance deed
A.Dear Client,
A property built up in SRA land got a lock-in period of 10 years to sell or buy. If the building is constructed on SRA land, then the Builder can not sell it without the consent/NOC of the concerned authority. Even after the cessation of lock-in period, you need to take permission from the authority for the redevelopment of the building built-up on SCRA land. So before buying the property, you need to clarify the matter from the office of SRA.
A property built up in SRA land got a lock-in period of 10 years to sell or buy. If the building is constructed on SRA land, then the Builder can not sell it without the consent/NOC of the concerned authority. Even after the cessation of lock-in period, you need to take permission from the authority for the redevelopment of the building built-up on SCRA land. So before buying the property, you need to clarify the matter from the office of SRA.
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A.Dear client,
Before purchasing the flat, check that there should only be the seller's name on the deed. Verify the property documentation and title deed with a real estate lawyer. Check to see if the owner has a bank release certificate. This would be to guarantee that the seller repays the debt.
Before purchasing the flat, check that there should only be the seller's name on the deed. Verify the property documentation and title deed with a real estate lawyer. Check to see if the owner has a bank release certificate. This would be to guarantee that the seller repays the debt.
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