Purchase of SRA flat
2 months ago
I am going to buy SRA property in top location of Mumbai. seller want to sell it on actual valuation on property. There is extra load of SRA registration fees. also same will be the exit load. Is it good descision to buy SRA Property?
A.As you are going to buy SRA property in top location of Mumbai, you are required to have the following check list
1) Chain of Sale agreements BEFORE 1993 ONLY, WITH AFFIDAVIT on Rs.100/- , SALE AGREEMENT on Rs.500/- , POWER OF ATTORNEY on Rs.500/- , INDEMNITY BOND on Rs.200/-
2) PHOTO PASS BOOKLET IS COMPULSORY of the Chawl Room Owner with tax paid receipts & 2 LIGHT BILLS BEFORE 1993 (IN OWN NAME) (RECEIPT OF PHOTO PASS is NOT accepted)
3) BMC Assessment receipt for latest 3 months, & Property card
4) CHAWL COMMITTEE Society REGISTRATION CERTIFICATE BEFORE 1993
5) NOC from the CHAWL COMMITTEE for loan from financial institutions/Banks
6) PATRATA / ELEGIBILITY CERTIFICATE if issued during Survey by any competent authority such as SRA.
7) Original allotment letter of SRA, Share certificate, OC of the building and if 10 years are completed we can go with registered agreement with double stamp duty scheme.
1) Chain of Sale agreements BEFORE 1993 ONLY, WITH AFFIDAVIT on Rs.100/- , SALE AGREEMENT on Rs.500/- , POWER OF ATTORNEY on Rs.500/- , INDEMNITY BOND on Rs.200/-
2) PHOTO PASS BOOKLET IS COMPULSORY of the Chawl Room Owner with tax paid receipts & 2 LIGHT BILLS BEFORE 1993 (IN OWN NAME) (RECEIPT OF PHOTO PASS is NOT accepted)
3) BMC Assessment receipt for latest 3 months, & Property card
4) CHAWL COMMITTEE Society REGISTRATION CERTIFICATE BEFORE 1993
5) NOC from the CHAWL COMMITTEE for loan from financial institutions/Banks
6) PATRATA / ELEGIBILITY CERTIFICATE if issued during Survey by any competent authority such as SRA.
7) Original allotment letter of SRA, Share certificate, OC of the building and if 10 years are completed we can go with registered agreement with double stamp duty scheme.
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A.Dear Client,
A property built up in SRA land has a lock-in period of 10 years to transfer its ownership/title by way of sale or Gift. If the building is constructed on SRA land, then the owner of the property can not transfer its title without the consent/NOC of the concerned authority. Even after the cessation of the lock-in period, you need to get permission/NOC from the authority for the redevelopment of the building built up on SRA land. So before buying a flat built up on SRA land, you need to verify/clarify the matter from the office of SRA and take steps accordingly
A property built up in SRA land has a lock-in period of 10 years to transfer its ownership/title by way of sale or Gift. If the building is constructed on SRA land, then the owner of the property can not transfer its title without the consent/NOC of the concerned authority. Even after the cessation of the lock-in period, you need to get permission/NOC from the authority for the redevelopment of the building built up on SRA land. So before buying a flat built up on SRA land, you need to verify/clarify the matter from the office of SRA and take steps accordingly
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A.Dear Client,
Buying a flat in an SRA (Slum Rehabilitation Authority) building in Mumbai can be a risky proposition for several reasons. First, SRA buildings are constructed on land previously occupied by slums. The process of rehabilitating slum dwellers and constructing buildings on the ground can be complex and fraught with legal and regulatory issues. Here are some of the potential risks and consequences of buying a flat in an SRA building in Mumbai:
Legal issues: SRA projects are subject to various regulations and approvals from government agencies. These regulations must be followed correctly to avoid legal problems. For example, the builder may have needed the necessary permissions or violated building codes.
Quality of construction: The construction of SRA buildings may sometimes meet different standards than other buildings in the city. It can result in issues such as water leakage, structural defects, and other problems that can be costly to fix.
Resale value: SRA buildings may have lower resale values than other properties in the same area, as there may be restrictions on the sale or transfer of the property.
Loan eligibility: Banks and financial institutions may hesitate to lend money to purchase an SRA flat, making it difficult for buyers to secure financing.
Buyers who purchase a flat in an SRA building constructed illegally or without proper approvals could face legal consequences. The buyer may be liable for violating building codes and regulations and must pay fines or other penalties.
However, if a buyer has done their due diligence and has ensured that the building has all the necessary approvals and permissions, they should be able to avoid legal issues. Therefore, working with a reputable builder and obtaining all the required documents and licenses before purchasing a flat in an SRA building is essential.
If a buyer encounters issues with the construction or quality of their SRA flat, they may have legal remedies available. They can file a complaint with the appropriate government agency or consumer protection forum, or they may be able to pursue legal action against the builder.
Buying a flat in an SRA building in Mumbai can be risky, but with proper due diligence and legal guidance, buyers can minimize risks and ensure they are protected. However, it is important to carefully consider all factors before purchasing and to work with experienced professionals who can guide you through the process.
Buying a flat in an SRA (Slum Rehabilitation Authority) building in Mumbai can be a risky proposition for several reasons. First, SRA buildings are constructed on land previously occupied by slums. The process of rehabilitating slum dwellers and constructing buildings on the ground can be complex and fraught with legal and regulatory issues. Here are some of the potential risks and consequences of buying a flat in an SRA building in Mumbai:
Legal issues: SRA projects are subject to various regulations and approvals from government agencies. These regulations must be followed correctly to avoid legal problems. For example, the builder may have needed the necessary permissions or violated building codes.
Quality of construction: The construction of SRA buildings may sometimes meet different standards than other buildings in the city. It can result in issues such as water leakage, structural defects, and other problems that can be costly to fix.
Resale value: SRA buildings may have lower resale values than other properties in the same area, as there may be restrictions on the sale or transfer of the property.
Loan eligibility: Banks and financial institutions may hesitate to lend money to purchase an SRA flat, making it difficult for buyers to secure financing.
Buyers who purchase a flat in an SRA building constructed illegally or without proper approvals could face legal consequences. The buyer may be liable for violating building codes and regulations and must pay fines or other penalties.
However, if a buyer has done their due diligence and has ensured that the building has all the necessary approvals and permissions, they should be able to avoid legal issues. Therefore, working with a reputable builder and obtaining all the required documents and licenses before purchasing a flat in an SRA building is essential.
If a buyer encounters issues with the construction or quality of their SRA flat, they may have legal remedies available. They can file a complaint with the appropriate government agency or consumer protection forum, or they may be able to pursue legal action against the builder.
Buying a flat in an SRA building in Mumbai can be risky, but with proper due diligence and legal guidance, buyers can minimize risks and ensure they are protected. However, it is important to carefully consider all factors before purchasing and to work with experienced professionals who can guide you through the process.
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