quesPlot termed as owner's plot of developer of society.

I have a residential plot in surat and its termed as owners plot. I have agreement registered in smc (surat minicipal corp) recently and paid stamp duty of 104000/- .Its a residential society with plot size of 89 vaar (1 vaar = 9 foot) and consists of raw houses and is developing quickly. Plot is owned by me but its termed as owner's plot where owner plot I think means plot of developer of the society...The society was developed by my cousin & my dad and many of our relatives had their names in 7/12 of land. Unfortunately my cousin is no more & this plot is being given to me by him.

When i asked the concerned person about selling it , i was being told that the plot is shown as owner's plot and not the normal plot in Society Plan which has been submitted to smc during plan pass and I myself can avail loan on the plot to construct but if I sell the plot to anyone then he would not be eligible to get loan from the bank. Now my question is when I have paid required stamp duty and have valid agreement (Dastavej) of the plot then why cant I sell it and seller can avail loan on it.

I request to kindly let me know weather this is real law that if during plan pass a plot shown as owner's plot is not eligible for loan if sold to anyone or am being misguided so that i may sell off my plot at discounted price.

  • ansIt is necessary to go through the agreement entered by you for purchase of said plot. If you have paid full consideration for purchase of plot you are absolute owner of said plot. It cannot be regarded as developer plot. Based on registered agreement make an application for mutation of plot in your name. You would be entitled to sell the plot . contact a local lawyer. Cross check records with SMC. Also peruse society plan sanctioned by SMC. As owner you are entitled to take inspection of records.

  • Apply For Legal Heir/Succession Certificate With Expert Lawyers
    Know More

    Click here to see all Property Legal Services
  • Disclaimer: The above query and its response is NOT a legal opinion in any way whatsoever as this is based on the information shared by the person posting the query at LawRato.com and has been responded by one of the Property Lawyers at LawRato.com to address the specific facts and details. You may post your specific query based on your facts and details to get a response from one of the Lawyers at LawRato.com or book a Detailed Consultation with a Lawyer of your choice to address your query in detail.
Consult best Property lawyers in India

Similar questions

Resident's welfare association of my building has developed a tennis court on the kharab land…
We buyed a property with land of 3000sqft and hv a construction of house of…
I am living in United States of America. I want to cancel or revoke a…
My father expired in Feb and retired from the railway's in dec. He did not…

Property Lawyers in India

Advocate Arjun Vinod Bobde

  Supreme Court of India
 Experience: 16 years

Advocate Prashant Mendiratta

  Lajpat Nagar 4
 Experience: 24 years

Advocate Prabhjit Jauhar

  Connaught Place
 Experience: 20 years

Advocate Jaspreet Singh Rai

  Greater Kailash 1
 Experience: 14 years

View all >>