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Promoter asking for more money than stated in sale agreement
12-Jul-2023 (In Property Law)
I am an NRI and am planning to purchase a plot in chennai (OMR area). The property cost is around 30L but the promoter has done the sale agreement for 14 laks which is as per guideline value and the rest of the amount he says will be covered by Development agreement. Is this a legal practice?
Hi,
If that plot approval is before 2015 mean you don't give that development agreement cost.
If it is above 2015 you definitely give that development cost.
And you given details are not enough please give more.
If that plot approval is before 2015 mean you don't give that development agreement cost.
If it is above 2015 you definitely give that development cost.
And you given details are not enough please give more.
Helpful?
12+
12+
Adv. D Parthibhan
Chennai | 400+ Answers
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Hi,
Normally a DTCP approved or CMDA approved plots were sold along with the development cost and was mostly paid as per the market value. Yes, it is possible for a promoter to ask for other than the cost of land as development charges. However he may not show it in the sale deed to be made in your favour. In the sale deed it will mostly cover only the land cost (guideline value) and only that will be reflected in the sale deed to avoid paying more stamp duty. The remaining amount will be collected from you in the form of development cost. However this scenario may change once the Real Estate Act comes in to force in Tamil Nadu. Furthermore, it is advisable to trace the title of the property and scrutinize the documents before proceeding to buy it.
Normally a DTCP approved or CMDA approved plots were sold along with the development cost and was mostly paid as per the market value. Yes, it is possible for a promoter to ask for other than the cost of land as development charges. However he may not show it in the sale deed to be made in your favour. In the sale deed it will mostly cover only the land cost (guideline value) and only that will be reflected in the sale deed to avoid paying more stamp duty. The remaining amount will be collected from you in the form of development cost. However this scenario may change once the Real Estate Act comes in to force in Tamil Nadu. Furthermore, it is advisable to trace the title of the property and scrutinize the documents before proceeding to buy it.
Helpful?
18+
18+
Adv. GP Vijay
Chennai | 200+ Answers
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