Change of Unit
3 months ago
Hello Experts,
I bought an Apartment one months back in under construction building , but I want to change the unit to similar size unit due to some vastu issue.
Can any suggest, what would be the procedure for doing.
Appreciate your support.
A.Dear client,
As per the Transfer of Property Act, If you have already executed a sale deed, please note that you would have to sell the property and proceed with the other apartment as you are an absolute owner.
The procedure would be :
1. Execute a new sale deed and register it.
2. Sell the property either to the builder or someone else.
3. Request your builder to buy the property you require.
If there is no sale deed, you can request the builder to change the apartment to what you prefer and pay any additional fees.
Thank you
As per the Transfer of Property Act, If you have already executed a sale deed, please note that you would have to sell the property and proceed with the other apartment as you are an absolute owner.
The procedure would be :
1. Execute a new sale deed and register it.
2. Sell the property either to the builder or someone else.
3. Request your builder to buy the property you require.
If there is no sale deed, you can request the builder to change the apartment to what you prefer and pay any additional fees.
Thank you
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A.Dear Client,
Selling an under-construction property in India can be a complex process that requires careful planning and execution. As a seller, you need to navigate multiple legal and financial hurdles to ensure a smooth transaction. You cannot compel the builder legally to exchange your unit of flat with another. A tri-party transfer deed is used to transfer an under-construction property. In this scenario, the seller and the buyer sign the deed while the builder acts as the confirming party. However, a new form of ownership transfer, i.e. bi-party transfer of under-construction properties, is gaining popularity in Delhi, Maharashtra, Uttar Pradesh, and Haryana. The process of bi-party transfer is as follows:- The seller finds a buyer and, subsequently, approaches the builder, Builder issues a No Objection Certificate (NOC), stating that he does not have any objection to the transfer of ownership to the new buyer, Based on the issued NOC, seller and buyer sign a sale agreement or transfer deed and submits a copy of the sale agreement to the builder. The builder accordingly updates new ownership in his records. However, If you sell your real estate asset to book profits, you have to pay capital gains tax on the profit earned. It is advised to consult with a real estate adviser to ensure a smooth and hassle-free transaction.
Selling an under-construction property in India can be a complex process that requires careful planning and execution. As a seller, you need to navigate multiple legal and financial hurdles to ensure a smooth transaction. You cannot compel the builder legally to exchange your unit of flat with another. A tri-party transfer deed is used to transfer an under-construction property. In this scenario, the seller and the buyer sign the deed while the builder acts as the confirming party. However, a new form of ownership transfer, i.e. bi-party transfer of under-construction properties, is gaining popularity in Delhi, Maharashtra, Uttar Pradesh, and Haryana. The process of bi-party transfer is as follows:- The seller finds a buyer and, subsequently, approaches the builder, Builder issues a No Objection Certificate (NOC), stating that he does not have any objection to the transfer of ownership to the new buyer, Based on the issued NOC, seller and buyer sign a sale agreement or transfer deed and submits a copy of the sale agreement to the builder. The builder accordingly updates new ownership in his records. However, If you sell your real estate asset to book profits, you have to pay capital gains tax on the profit earned. It is advised to consult with a real estate adviser to ensure a smooth and hassle-free transaction.
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