Selection of the Property
The
registration has commenced pertaining to all the properties consequent to the
relaxation of the ban imposed on the registration of certain properties. The
ban on the registration has created an awareness in the public not to invest on
the property which is improper. On the
other hand, the recent demolition drive undertaken by BMP in Koramangala has
created a sense of fear among the public to invest on the property in and
around Bangalore. Walking on the road involves risk; nevertheless we cannot sit
at home. Likewise, investing in the property also involves certain risk, but we
have to take certain calculative risks which will help us to live in a dream
house and also appreciation on our investment.
Unknown Area:
No advocate
can give clear cut assurance on the properties. There may be few transactions
which cannot be traced from the documents produced for scrutiny, such as
previous agreement entered into with somebody, pending court litigation between
the family members or outsider, etc, which are the risky areas that cannot be
traced by seeing the property documents. However, advertising public notice in
the leading daily, having wide circulation in the area where the property is
situated, will help to trace certain adverse claims, if any, before purchasing
such property. However, such Public notice is only a precautionary measure and
may not be binding on any one having interest in the property if the same is
ignored or may have not seen the notice at all. If the same is noticed by
anyone having any kind of interest over such property, then opportunity will be
given to them to file the objection before the purchase of the property and
subsequently, issues cropped pursuant to such objections could be sorted out by
the Vendor. The purchaser can also back out from such transaction.
I herewith
give certain guidelines as to where to invest and how to select the property in
order to overcome any kind of ambiguity regarding purchase of any property.
Even though
all the properties can be registered by the concerned Sub-Registrar, mere
registration would not convey the title. Registering officer will act only in
the ministerial capacity and do not have power to asses the Genuineness and marketable title of the property. Infact,
the Sub-Registrars are more concerned with the stamp duty and registration
charges. No one can give better title than what they themselves have, is the
basic principle of the Transfer of Property Act. A vendor having marketable
title can lawfully convey the property and
register in the concerned Sub-Registrar in favour of the purchaser and
if the vendor has defective title, conveying the same and getting it registered
will not perfect his title as there will be a lot of confusion as to whether
the property is legally valid or not.
Clear Marketable title
Before
purchasing the property, marketable title, Genuineness of the document,
enforceability of the title has to be scrutinized along with a thorough
verification as to whether the relevant provision of the laws and other rules
and regulations of the revenue authorities has been duly complied. Origin of
the property, flow of the title and present status has to be verified with the
help of an advocate, who is having experience on such matters.
B.D.A.Sites
Bangalore
Development Authority, previously known as City Improvement Trust Board,
allotted sites having the perfect title, compared with another title. BDA,
being a statutory body, has got its own procedure envisaged in the BDA act in acquiring the lands from the
private parties, formation of layouts along with all infrastructure like power,
water and roads. Generally, impetus is given for providing civil amenities and
width of the roads as per the town planning act.
Layouts already developed has been provided with all the facilities
immediately, for which we will have to pay moderate rate. Likewise,
Co-operative societies layout, private layouts approved by BDA are governed by
the rules and regulations of the BDA only. However, purchasing such property is
advisable after scrutiny of the title thoroughly.
BMRDA Approved Sites
Recently,
lot of layouts approved by BMRDA i.e., Anekal Planning Authority(APA),
Nelamangal Planning Authority(NPA), Magadi Planning Authority (MPA), Hosakote
Planning Authority(HPA), Kanakapura Planning Authority(HPA), Bangalore
International Airport Area Planning Authority [BIAAPA] are coming up in the
outskirts of Bangalore, with proper
planning and development. This is due to
the recent ban on registration of such properties without BMRDA Release Letter.
Recently,
BMRDA has changed its rules and regulations, wherein only 60% of the sites
would be released at the time of approving layout plan, while remaining 40% of
the sites will be released after completion of the entire layout.
Accordingly,
the Sub-Registrar refuses to register such sites without the release letter. So
it became mandatory on the part of the developers to develop the entire layout
and get the release order of the balance 40% of the sites. After the relaxation
of the ban on registration, Sub-Registrar is registering BMRDA sites without
release order, which, infact has affected the developmental activities of such
layouts.
Few of the
promoters are selling the sites without providing basic facilities with an
assurance to develop the same, but fail to do the same.
The
government has to take initiative and should make it mandatory to submit order
of release of sites at the time of registering BMRDA approved sites, in order
to safeguard the interest of such purchasers.
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