Legal opinion for buying property.
I have property which was bought in 2003. After registry on registrar notice i paid the remaining residential stamp duty. It is falling under nagar nigam Lucknow. I am running business from this property. 2 storey building persist as now. Commercial assessment is done by Nagar nigam,Lucknow. My Question is : Do i need to go necessarily for 143 (land use) for putting these papers to bank for CC limit in banks. My SSI unit is running just now on this property. Electric commercial connection is 10 years old. Fully developed colony.
Cc limits are granted by bank on hypothecation of goods inventory. The inventory lying in store / factory is kept as a security with the bank and the customer may enjoy a running loan against the security. Bank periodically demands stock statement and its valuation is being done to assess the value of current stock.
From facts stated by you it appears that in 2003 you had bought a residential property and you are using it for commercial purposes. It appears that you desire to give your property papers as security .under the circumstances go in for land user change to avoid any legal complications in sanctioning of cc limits.
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