Buy re-sale flat - Indian Real Estate Forum

ant19 · 16-04-10

I have an offer for re-sale flat 2000 sqft from an investor who bought the flat 7000 (cost of flat= 1.4 cr) and paid all the dues (28L) till date to the builder. The building is complete up to plinth level 20% payment due).
Today the going rate is 9000 Rs/sqft (cost of flat=1.8 Cr). The investor is asking 28L to be paid to builder + entire profit of 40L to be paid to him. Is this the practice in the resale of property under construction?
My point was since he has paid only 20% amount he should take 20% of the profit. The remaining profit should be shared between buyer and seller.
That means I should pay 28L + 20% of 40L=8L for sure. Plus the remaining 32 L profit should be shared. In other words pay 28L + 24L as profit. It is quite possible that he may disagree..
Could someone please share with me the general pactice in such transactions and any precautions to be taken..

gainvidya · 02-06-10

Well rules which are appealing or in theory have no meaning practically. Its all on demand supply and negotiation power.

16-04-10	#1
ant19 New Member Join Date: Apr 2010 Posts: 6 Thanks: 0 Thanked 0 Times in 0 Posts	Buy re-sale flat I have an offer for re-sale flat 2000 sqft from an investor who bought the flat 7000 (cost of flat= 1.4 cr) and paid all the dues (28L) till date to the builder. The building is complete up to plinth level 20% payment due). Today the going rate is 9000 Rs/sqft (cost of flat=1.8 Cr). The investor is asking 28L to be paid to builder + entire profit of 40L to be paid to him. Is this the practice in the resale of property under construction? My point was since he has paid only 20% amount he should take 20% of the profit. The remaining profit should be shared between buyer and seller. That means I should pay 28L + 20% of 40L=8L for sure. Plus the remaining 32 L profit should be shared. In other words pay 28L + 24L as profit. It is quite possible that he may disagree.. Could someone please share with me the general pactice in such transactions and any precautions to be taken..

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02-06-10	#2
gainvidya Member Join Date: Nov 2009 Posts: 51 Thanks: 0 Thanked 0 Times in 0 Posts	Well rules which are appealing or in theory have no meaning practically. Its all on demand supply and negotiation power.