Rdevelopment property extra area purchase.
2 months 3 weeks ago #8841
My society is going for redevelopment, i have purchased some extra area in it.
0 Existing area 443 sq ft
Free Entitled area 155
Area purcahsed 376
currently i am having one unit , in future my total area i.e. 974 sq ft will be divided into 2 units of 570 sqft & 404 sq ft respectively. The developer has made a permanent alternate accomodation agreement of 598sqft which mentions the details of both the units , and supplemental agrrement for providing permanent alternate agreement for 376 sq ft which also mentions the details of the both units with the payment schedule. when discussed with developer to make separate agreements for the units, he replied that if separate agreements are registered for the 2 units he will not the get the fungible FSI and also stamping will be an issue. Whereas the same was discussed with society the society said they will pass a resolution to isue separate share certificates for both the units.
I have following questions:-
1 In future i have to sell one unit out of the two, can it be sold on share certificate without an agreement since there is a single agreement for both the units.
2 I need to take housing loan in the redeveloped property in one unit so a charge of mortgage will be created on both the units as there is a single agreement.
3 incase the builder doesnt buzz and makes a single agreement for the units, how will i be able to sell only one unit.