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Hi Friends,

Need you expert Advise!

One of my friends has booked a house in a gated community near Sarjapur Attibele road. This society has 170 villas and BMRDA approved but for now only 60% plots are approved. The issue is that only after booking they noticed that the blocked plot is one under held up plots by Anekal authority. The builder says the approval will be got but is this the process or the promoter is supposed to sell only the plots in approved 60% list. Also will the bank loans be approved? Is it risky please advise,

Thanks in Advance,
Sumitha

It is surprising that, your friend does not aware of this before booking. Ideally developers should let him know about that. Also, If the papers are verified, then your friend could have found this before.

As per the laws I am aware of, the developer can seek up to 70% of the value of the plot value/transaction till the plot is released. They supposed to register the plot only after obtaining the release letter. But they can get into the sale agreement.

Any case, now there are some concerns, because the plot is blocked by the authority.

1. He needs to wait for the plot to be released by the concerned authority to get it registered. This will be based on the layout progress and how the builder is doing with providing basic facilities in the layout. Usually the release will come around 10 months to 1 year after getting the first 60% release.

2. He may not be able to start the villa construction till the registration is done.

3. He needs to shell out funds from his own source till the plot get registered, in case the developer insists for the same.