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Q. POSSESSION CERTIFICATE OR ALLOTMENT DECLARATION : IS IT SUFFICIENT

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DIBYENDU MANDAL

posted 5 months ago

Q.POSSESSION CERTIFICATE OR ALLOTMENT DECLARATION : IS IT SUFFICIENT
We have entered into joint development agreement with a developer , he is willing to give possession certificate or allotment declaration for two shops at present. We are entitled to have 4 flats and two shops. Can we agree to take the possession certificate of two shops. Is the developer be liable to any incompleteness? Who is liable for registration? There is no clause in agreement, only it is written all documents will be made by developer and we will get free peaceful possession without any encumbrance . After giving possession certificate , will there be any right on the property of the developer. We know registration is mandatory to establish the ownership but can it be made later within the financial year

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Shreyash Mohta

Experience: 1 Year(s)

Responded 4 months ago

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A. ) Sir,
1. You can take the possession certificate of the two shops at present [also check that the hops are delivered as mentioned]
2. Also take all the relevant documents like the completion certificate etc for the shops. After which the developer shall have no rights in the shops.
As for the four flats they can be possessed later. Also registration can be done at a later stage. [however the rate of that year shall follow which may be higher]
It is similar to taking two apartments in two blocks say Block A and B.
As and when the blocks get complete you can start the possessing and register it once both of them are possessed.
Thanks.
Shreyash Mohta

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Kishan Dutt Kalaskar Retired Judge

Experience: 33 Year(s)

Responded 4 months ago

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A. ) Possession is nine points in law. Other formalities will follow

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Deepak Yashwantrao Bade

Experience: 9 Year(s)

Responded 5 months ago

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A. ) Dear client in your case No. Registration is mandatory within time. Free and peaceful possession is just an attractions. But main legal issues will be created in future.i suggest you take proper legal possession after documents completion. Don't take risk in property matters.

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Rameshwar Dadhe

Experience: 2 Year(s)

Responded 5 months ago

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A. ) Ur agreement register or not?

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DIBYENDU MANDAL

Replied 5 months ago

registered sir

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DIBYENDU MANDAL

Replied 5 months ago

Registered, Sir

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