Can i buy a site under Due associates at hosa road

[simplycar]

hi koti

Is the land registered in the land owner's name already? if yes he should have the NOC already since bank NOC is taken before registration. since he has ten plots and would already know about the issue he would surely have got the NOC. I would suggest you go for it only after getting the NOC and double checking with the bank. if you register with NOC from bank then things should be OK.
About the park and common areas in this survey number, this is already registered to BDA and is BDA property now. You can confirm from the relinquishment deed that is given to you when you get the documents for verification. Hence bank wont auction parks and common areas. Only unregistered plots with no NOC would face problems.

i am not sure if all plots are sold out but most developers usually sell only some plots and then sell other plots at higher price. however one of my friends wanted to buy directly from them and asked for a good plot and said he was willing to pay extra but they said they dont have any more plots. so i am not sure. it is also possible plots are only booked and not yet registered so bank is not aware of it. no idea which is correct though.

[koti222]

Hi,
Finally owner confirmed me that he can not get an NOC from IDBI. So i am sure that DUO does not have any intentions or not able to repay their mortgage on survey numbers 57, 58 and 144. Please be careful with these survey numbers. Even you get NOC from IDBI bank, double check with your lawyer and IDBI Bank K H Road(contact mr Viswanath(recovery department), who sits in first floor) and confirm that NOC is genuine.

So i dropped the purchase of that site. I am a genuine buyer and really interested to buy a good site in this Layout. I want to avoid brokers. Pls let me know if somebody really willing to sell any genuine site. contact me on koti222@gmail.com

[Dilip12]

Hi Koti,

If you are going with LICHFL Loan for plot purchase, they will not release the loan amount with out the proper NOC from IDBI, moreover they will give cheque in the name of IDBI bank loan account. As per my knowledge, IDBI Bank has told that they will provide NOC during registration.

[koti222]

That is what exactly happening. As the due is 12 Crores, interest at 20%p.a. coming at around 20+ Lakhs per month. So they are selling one site and paying that amount directly to IDBI as interest and IDBI also quite as they are getting something. They do this until all the sites are sold to escape the immediate action. As few sites only left-out, i am not sure from where can they repay the principle. That time IDBI will catch the neck of the DUO. If they do not repay then it goes for auction.

[adroit]

I Think once we have the NOC from IDBI, in our hands for individual sites, I think we are completely safe.
If after giving NOC , still IDBI goes for auction of those sites, then I think it is legally wrong.

I spoke to mr.Viswanathan couple of months back, and he todl that once they Issue NOC they do not have any rights on the Site. So we become the abosulte owner of the site.

I think this is beyond any doubt and question.


Coming to the Point od Duo Having 12 Crores loand an dnot able to repay it and all, I think it is an Issue between IDBI and Duo Associates. It is up to IDBI how they will get the money from Duo WITHOUT tocuhing the sites for which NOC has been given.

Now for this:
1) they may auction Duo's Other Properties or Personal Porperties of the Directors or something like that. Please correct me if I am wrong.

And I don't think IDBI gave 12 crores just for these 3 survey Numbers. They gave the amount taking into consideration some other survey Numbers in this layout and/OR some other properties as well.
But today these other survey Numbers within this layout are released by IDBI, so they may release these 3 survey Number Documents as well once all the sites are sold, since they have themselves given NOC for each one of them.

Please let me know if Iam wrong, as I am in the middle of such a transaction.


thanks
Vamsee

[simplycar]

I think it should be safe if one has an NOC from the bank since if it is registered in your name it no longer belongs to the developer. Also there were other survey numbers pledged in phase 1 which were also registered with NOC and ppl are constructing there now without any hindrance.
Speaking of other properties does anyone know what is the big construction happening just after silk board on left hand side when going towards Agara. It looks like a huge commercial building and the board outside says property of Duo Associates and developed by Pacificia.

[shabini]

Did anyone visited layout recently? Any progress about roads?
Any idea about current running price in phase 2?

I am not sure whether we can construct in 1 year..bcoz still not many houses in that area... hope it will change in another 1 year...

[Dilip12]

Did any one went through plot registration in Phase 2 ? if anyone has done, could you explain the procedure u went through on that day.

[simplycar]

@shabini : Two weeks ago roads were still the same. Tarring inside the layout is also yet to start. Flooring work was ongoing in the apartment that is being built. Connecting road is still in same state no work started.

@dilip : Registration is done in Begur sub-registrar office. Sale deed is signed by the owners but they have given a SPA for presenting the deed at the registrar office to a person by name Thomas. He will be coming with the sale deed and took care of things in the sub-registrar office. You just need to sign etc and get a copy of the sale deed and original EC which shows transfer to your name. In my case he took the original sale deed hiself and gave it to LIC and collected his cheque.

[Dilip12]

@simplycar: thank you for the info. i am also going with LIC loan.

Yesterday i visited the layout and road leveling work was happening in the Connecting road. Hope taring will also be done !!!