How many flats one can buy in one society? - Indian Real Estate Forum

estate1 · 01-12-09

Recently my builder at Pune told me that one can't buy more than 1 flat in one society. Even spouses can't buy separately in one society, that means a couple can buy only one flat in a society in Pune.
Is there any law regarding that?

Mangesh007 · 02-12-09

i never heared abt this..........one of my frnd and one uncle having 2 flats on same floor in same building

realacres · 02-12-09

The reason for this is that the Govt. is providing tax free benefits to the builders who has obtained commencement letter till 2007 & poss date for the same is in or before Mar 2010. This was meant to create housing for many under 1500 sq ft. Hence, if you buy 2, the area exceeds 1500 sq ft due to which the builder loses income tax benefit under section 80IC.

However, as this scheme has already ended, one can buy as many flats as one wants in 2008 sanctioned projects. Also this scheme didn't exist before boom period, hence people have already bought more flats in that period.

It's all about builder who wants to save income tax under 80IC

.

kirunOnly · 02-12-09

It's time to piss on builders face. They will throw any shit at us and we should do the same.

estate1 · 02-12-09

This simply means it will only affect certain builders and not all the builders.

01-12-09	#1
estate1 New Member Join Date: Dec 2009 Posts: 4 Thanks: 0 Thanked 0 Times in 0 Posts	How many flats one can buy in one society? Recently my builder at Pune told me that one can't buy more than 1 flat in one society. Even spouses can't buy separately in one society, that means a couple can buy only one flat in a society in Pune. Is there any law regarding that?

02-12-09	#3
realacres Moderator Join Date: Jun 2009 Posts: 6,144 My Mood: Thanks: 49 Thanked 180 Times in 135 Posts	The reason for this is that the Govt. is providing tax free benefits to the builders who has obtained commencement letter till 2007 & poss date for the same is in or before Mar 2010. This was meant to create housing for many under 1500 sq ft. Hence, if you buy 2, the area exceeds 1500 sq ft due to which the builder loses income tax benefit under section 80IC. However, as this scheme has already ended, one can buy as many flats as one wants in 2008 sanctioned projects. Also this scheme didn't exist before boom period, hence people have already bought more flats in that period. It's all about builder who wants to save income tax under 80IC.

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02-12-09	#2
Mangesh007 New Member Join Date: Sep 2009 Posts: 34 Thanks: 0 Thanked 0 Times in 0 Posts	i never heared abt this..........one of my frnd and one uncle having 2 flats on same floor in same building

02-12-09	#4
kirunOnly Member Join Date: Jul 2009 Posts: 164 My Mood: Thanks: 0 Thanked 0 Times in 0 Posts	It's time to piss on builders face. They will throw any shit at us and we should do the same.