Buying SRA Flat before Lockin Period
8 months ago
Hi,
I want to buy SRA flat but its lockin period won't get over & as I'm aware as per the law one cannot sell and buy SRA flats before lockin Period but recently I had a word with Lawyer he told me you can but flat by registering power of attorney also we can get NOC from all his family members & also for more security purpose we can create registered will also.
Can you please suggest it is advisable to buy SRA property by registering power of Attorney, Will and obtaining NOC from owner's family member's??
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/Owner 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 and take a decision being satisfied with the information.
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/Owner 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 and take a decision being satisfied with the information.
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