Problems with merging of two 1 BHK to one 3 BHK by Builder
Question asked by Mr Sanjiv Jain from US:
I booked I have booked one 3 BHK flat in a new construction building and I’ll get possession in 6 months. This Flat has two numbers allocated to this (303+304). I checked with builder about the floor plan as approved by the corporation and found that this 3BHK is actually created by combing two 1 BHK flats. Builder told me that once building construction is over, he will get plan re-approved as per modified structure. According to him, I need to go for only single agreement of purchase and registration/stamp duty.
I want you opinion on this. Should I go for this agreement? Will I get single loan on this property or that will be treated as double home loan even if I go single agreement?
I want you opinion on this. Should I go for this agreement? Will I get single loan on this property or that will be treated as double home loan even if I go single agreement?
Mr. Sanjiv Jain, USA
Vatsala Answers:
As long as the modifications from sanctioned plan are internal, it will not amount to FAR violations. Hence you can proceed with the purchase. You should make sure that the builder gives you the Khata for your flat (in the name of the original owner, which you can get transferred to your name later) and the tax paid receipt prior to registration. The home loan will not be considered as a double home loan. If the builder gives you a Khata for two flats, you can get it amalgamated later. However in the sale deed you can show a single flat, showing both Khata numbers. Vatsalawww.atoneplace.com
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July 10th, 2008 at 6:39 PM
Hello Mam
I hope you are doing fine.
I have a question, i have a property in ooty, which is close to being sold out.
I have never sold or bought property, my dad used to take care of the paperwork, as he is not with us anymore, it falls as my responsibility.
How should i write the sale deed?
How should i collect the payment, as cheque or draft?
Can i deposit the amount in my mother’s account, the place is in her name?
How long can the money stay in the account, before we purchase something with it?
How much tax would incur on the amount?
we would like to put the money we get towards downpayment for an apartment, how would it work?
thankyou
March 6th, 2009 at 9:12 AM
Ms. Vatsala replies to Ms. Yamini:
Normally the purchaser’s advocate will handle the drafting of the sale deed. You can appoint your own lawyer for scrutiny of the same. You can collect the cash component, if any, at the time of entering into an agreement or if there is no agreement, at the time of registration. The cheque is handed over at the same time. If you have held the property for more than 3 years before its sale, you will be liable for long term capital gains on the profit earned. You can purchase an apartment within 3 years of the sale or deposit the amount in certain bonds prescribed by the government. Vatsala
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