Hi ALL,
There is an BDA approved plot having phase1, phase2, phase 3 but phase 1 and phase 2 are almost sold but having phase 3 and cam to know from the document there are few plots yet to release by the BDA.
Question:
Shall make an agreement with plot owner ( price are discussed and came to agreement verbally by giving the token advance ) , once plot are released will make an registration
shall we make an agreement and then verify with lawyers once got released from BDA
Please suggest me the same asap
Thanks
Can we agreement with landlords before Release of plots
Re: Can we agreement with landlords before Release of plots
Unless you know the seller very well at your personal capacity, its very risky to go for such an advance agreement. I suggest you to look for a property which is for resale from the Phase 1 & 2. Firstly BDA has to release their Approval. Then the society has to allot to their members. There is no guarantee, even after BDA Gives approval, your seller gets allotment from the society in that batch.
Going for an agreement means, you have to pay certain percentage of the total cost of the property. It may vary from 10 to 50%. BDA approval
Releasing activity doesn't have a fixed time line. If the delay is more, owners will expect higher price and they demand more money from you
later also. Or they may even break agreement with you & go with someone else. Also there are people, who make such agreements with multiple
people to cheat everyone to fulfill their greediness.
This is my personal experience. I had applied for a Telecom society site & Got it registered 4 years back. But there are thousands of other applicants who are still in the waiting list and getting a ready made answer, it will be done in next 6 months from the last 5 years. Similarly there is another society at Mysore which made Phase 1 & 2 successfully and called for applications for their 3rd phase in 2006 and till today(10 years) they have not allotted sites to their members and already collecting money from the new members for the 4th phase. There is no transparency in any society in terms of criteria they follow for the allotment.
Going for an agreement means, you have to pay certain percentage of the total cost of the property. It may vary from 10 to 50%. BDA approval
Releasing activity doesn't have a fixed time line. If the delay is more, owners will expect higher price and they demand more money from you
later also. Or they may even break agreement with you & go with someone else. Also there are people, who make such agreements with multiple
people to cheat everyone to fulfill their greediness.
This is my personal experience. I had applied for a Telecom society site & Got it registered 4 years back. But there are thousands of other applicants who are still in the waiting list and getting a ready made answer, it will be done in next 6 months from the last 5 years. Similarly there is another society at Mysore which made Phase 1 & 2 successfully and called for applications for their 3rd phase in 2006 and till today(10 years) they have not allotted sites to their members and already collecting money from the new members for the 4th phase. There is no transparency in any society in terms of criteria they follow for the allotment.