kushagra

Hi !!
I have finalised 3 BHK in AWHO (Vivek Vihar) in sector 82 Noida.
Deal is finalised in 58 Lacs for 4th floor (Top floor in this society).
I had word with a lawyer and broker and they are saying that AWHO falts cannot be transferred before 3 years.
This flat is not registered with noida authority and seller has agreed that do the same when he'll be back as he posted in Jammu right now.
I have already paid 2 lacs as token amount to owner of the flat. Pls advise....

kushagra

Koi To Bhai ke madad Karo.....

ashar_amu

Bhai, is baarey mei pata ho to madad karey na...waese, one of my freind lives in an AWHO society at rent. In noida near Pari Chowk, I will ask him. He might have an insight.

Munish Malhautra

Kushagra ji,
Pls give more inputs-What is the title of this flat? Who has built these flats? whats the reason they are not registered with NA?Is it RTM, then how do u get possession without transfer of lease deed/regn in your name?

__________________
MM

gharondabhai

Initially thought I would not add and confuse further.

First, whether you like or not, RE transactions in India is done mostly on mutual TRUST. If you are not comfortable for any reason, whatever may be the temptation, avoid the deal.

My brother was in Air Force and I know, their society flat can not be sold to anyone not part of the society. In some cases this rule is permanent and in some cases they are flexible after certain year. In any case, you need to get NOC from their society. They try to maintain their status that way.

So my advice will be, get very clear information about the above, when and on what condition the ownership can be transferred to your name?

Second, only legal option is a 99 years lease agreement with a POA... both registered.

Thirdly, you can secure a bit by negotiating that 90-95% payment will be done on possession however remaining 10-5% will be paid on actual transfer. This way, the seller will have some interest in transferring to your name.

This is not so important if you feel comfortable with the person, you feel the person is genuine and trustworthy.

If you have doubt then make sure all the above.

If you still have doubts, call off the deal, no matter how good the deal may appear. No one knows that you may end up in a better deal.

Hope this gives some logical way of thinking.

Munish Malhautra

Gbhai,
u seem to hv better inputs on this. i have no idea how this works. what i felt was inputs provided by the guy were few.
i believe in paper work and trust factor is now a passe' in RE. yes many trading businesses run only on trust, like mine as well.

gharondabhai

My sincere apologies MMBhai, I never mentioned anything about you. Sorry, my ENGLAND!!
I meant I have no clear idea about this kind of scenario so lets not confuse him, when he is already under stress.

I once tried to buy in my brother's complex, a airforce housing ... but was not allowed. This army/navy and airforce really get very nice location, then their engineers built the quality house, well maintained compound, class people WITHOUT all those showbaazi ... but they have Arakshan!! Somewhere very strict and somewhere can be a bit flexible..... but without any hesitation, they offer the best value for money!!

kushagra

Thanks for Reply GBhai. I'll clear few points..

Registery is not done because of stam duty issue (Supreme court gave decision on this issue on 28th July that stamp duty will be paid on current circle rates). Owner is currently in Jammu and ensuring me that he'll register the flat in september.

Civilians have already purchased few flats in this society during 2011. But sole discrection is on AWHO wheather to issue NOC or not. Owner of the flat (army officer) has to come out with very good reason to sell off his flat.

My Brokers Version -

1. Pay 10% amount and get into non-registered agreement on 100 Rs stamp paper.
2. Owner will get the registery done and then will take permission from AWHO for transfer of property in my name.
3. After that actual transctaion will take palce(transfer registery & possessison) and remaning 90% amount will be given (White and black payment will be as per circle rates).
4. If AWHO denies transfer permission then owner will pass GPA and WIll in my favour and after 3 years (lock in period for transfer) i can procees with registery. ( Bus ye hi point samajh mein nahie aa raha mere as i am not legally sound in property matters.)

gharondabhai

From the broker version, it does not look grey, seems they are quite genuine.

a. Make sure the initial 10% is all white, through bank transfer or cheque. Get a proper receipt of the same including sign of both seller and the broker.
b. Remaining 90% pay only after proper paper work and actual possession. Get proper receipt of the white component.
c. To mitigate AWHO NOC issues, get a 99 years lease agreement done in addition to POA/will. The lease agreement can be made irrecoverable where any one party can not change the agreement. Penalty for breaking lease agreement should be very high, almost same as your 90%.

Hope this helps you a bit

nerdbook

onda Bhai is Very correct in his ideas ......... i would like to point out one thing

GPA is something reversible. If the owner is able to get a transfer ( which is possible only after the 3year period) then you should register your property.

If Not GPA would be a risk and As onda said trust will play a big role

atleast to minimize it do not pay more than 10% before transfer but again in Noida Transfer is applied only when all the Black part has been transfered.

So if you trust the client and believe that you will get GPA i Think you can hold some payment back and make him trust you too ...

Best of Luck

Remember Broker is working for their side of the commission whatever they say after their money is given the deal is closed for them Make sure you get a good lawyer in the authority one who is well versed with GPA