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Hi,

We are a group of 6 people trying to buy some area together and build a multi-storied building.

layout in which we are buying : Signature Tulips, Near Hoskote toll gate

Area considering for considering for construction : 4200 sqft

plan of construction : G+3 ( g for parking)

Please help us if any one has any experience in securing housing loans in such situations ? how to go about buying land ?

Hi Krishana,
first thing and most important thing in group buying is loan, to my knowledge many banks are not giving loans for this kind of land purchase.
I have approached many banks personally and i came to know that bank provide loans only for the people who has blood relation.
there are two ways of buying this kind of property
1. forming a company and purchasing on a company name after development you guys can register among yourselves, in this case all of you will ge the loan but you have to gather money for land purchase
2. registering the property on single owner and going for loan on his name, down side is you won't get maximum loan for construction so you may have to struggle for money for construction.

regarding construction, for G+3 you will get permission form BBMP or relevant authority but maximum houses (kitchens ) that you can build are just 4 in 4200 sft when you build 6 houses that is a deviation from the approved plan. then whole building will be considered as a building with violations. you won't get Khatha
these kind of group buying will work only when we have cash.

thank you very much Rajesh for a detailed response. this project is under BMRDA/hoskote planning authority perview. so the number of kitchens will still be four ? sorry for asking a naive question, then how come we are seeing a lot of building around and outside the project which look like 200-300% deviation ?

I am not sure about BMRDA/hoskote planning authority, in case anyone have some information about the same please respond.
Yes, you are right. The buildings that you are referring to are mostly with violations.