I recently came to know about an approach followed by a known developer (there may be more additions to this list also) in bangalore.
They formed a BMRDA approved layout few years back and layout is ready to live condition. But as per BMRDA rules, 60% sites were approved and released that time and the rest were not yet released. Recently developer trying to sell the remaining 40% sites in the layout under tag of DC conversion and grama panchayat khatha and release (no idea what type of khata it is!!). There is no loan given by nationalised banks for these sites and developer claims that for construction buyer can get loan from private banks.
Is this type of release by different government bodies for different parts/sites of the same layout is legally allowed OR in future there may be issues with this layout even for initially released 60% sites from BMRDA?
Please share your knowledge on this.
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