SRA property buying
1 month ago
Hello,
I am plannnig to buy a SRA property and I am the fourth party to buy this property. First party sold it to second in 1994 , second to third in 2003 (there is one more similar 2nd to 3rd property transfer affidavit made in 2005). There is no paper of = stamp duty registration /NOC transfer
THERE ARE 100 people staying in the society with such documentation.
1)Now that the SRA building is to complete 25/30 years and go for redevlopment, and the new building which will be constructed will be PRIVATE as told by society secretary. (Is it true. Does it become private)
2)Will my name be registered in the new redeveloped building apartment (PRIVATE*).
3)Is there any way out to transfer the name in SRA if 1st and 2nd party is not available.
4) Will the builder (As he might have high connections inSRA)who will take up the redevelopment help all 100 people to transfer their papers
5) Would you suggest me buying this property ?
If No then any alternative way to transfer such property and the cost for the same
In the absence of necessary approvals from the authority (SRA) and completion of registration procedures including payment of stamp duty and registration charges, any transfers made based solely on an affidavit are deemed invalid and unenforceable under the law. If a building is constructed on SRA land, the property owner cannot transfer its title without consent from the relevant authority. Even after the lock-in period ends, permission from the authority is required for redevelopment. Therefore, before purchasing a flat on SRA land, it's essential to clarify with the SRA office and take appropriate steps. Builders must adhere to established procedures for transferring ownership in SRA properties, as any deficiencies or unfair practices could invalidate the transfer in the future. Relying solely on the builder's assurances may not be prudent. As a buyer, it's crucial to verify the clear title and encumbrance status of the property to avoid potential complications later on.
In the absence of NOC from the authority(SRA) permitting the transfer of SRA property and registration paying the requisite stamp duty, and registration charges, all the transfers done based on an affidavit before you are considered invalid, impermissible, and unenforceable under law. If the building is constructed on SRA land, then the owner of the property can not transfer its title without the consent/NOC of the concerned authority. Even after the cessation of the lock-in period, the owner needs to get permission/NOC from the authority for the redevelopment of the building built up on SRA land. So before buying a flat built up on SRA land, you need to verify/clarify the matter from the office of SRA and take steps accordingly. A builder has to follow the standing procedures for the transfer of the name of the owner in an SRA property, Any deficiency or unfair practice may vitiate the transfer later on. So depending upon the assurance of the Builder, it may not be wise to go ahead with the deal. As a Buyer, you should satisfy yourself with the clear title and status of the encumbrance of the property to avoid future consequences.
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