I am planning to buy a flat near OMR the location is thiruporur. the builder says he would only register for UDS ONLY after 90% payment is made. But would register the flat in my name.

Is this practice common in chennai, will i face any legal issues bcoz of this. Also will i be able to re-sale the flat ,even though i have only UDS documents along with sale deed, and completion certificate. Pls advise.
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  • Originally Posted by buduri
    I am planning to buy a flat near OMR the location is thiruporur. the builder says he would only register for UDS ONLY after 90% payment is made. But would register the flat in my name.

    Is this practice common in chennai, will i face any legal issues bcoz of this. Also will i be able to re-sale the flat ,even though i have only UDS documents along with sale deed, and completion certificate. Pls advise.


    It is not common in chennai, normally they will ask 20% payment only. Better check with other builders also.
    CommentQuote
  • Originally Posted by buduri
    I am planning to buy a flat near OMR the location is thiruporur. the builder says he would only register for UDS ONLY after 90% payment is made. But would register the flat in my name.

    Is this practice common in chennai, will i face any legal issues bcoz of this. Also will i be able to re-sale the flat ,even though i have only UDS documents along with sale deed, and completion certificate. Pls advise.


    In Chennai, practice is like this

    1) UDS will be registered in your name (Please make sure that total area of the land completely registered in the owners name, there are cases where builder still retains a portion of UDS)
    2) For the building, there will only be construction agreement. It is also called builders agreement.
    3) Builder will also faciliate the process of getting metro water card, property tax card, EB card.
    4) He would also get the building completion certificate.
    5) With these documents, you should be able to sell the flat in Chennai
    6) Do note that builders agreement is not registered.

    Hope this helps
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  • One of the builder in Chennai do UDS registration only after 65% payment and banks loan disbursement will be made only after UDS registration. I am now going behind the builder to register UDS as I have paid 20% already. These builders are creep corrupted people.....
    CommentQuote
  • Hi.. Ask your banker to speak with the builder.. Banker's do send their representatives to registration office for handing over disbursement cheque.

    Originally Posted by sudarjay
    One of the builder in Chennai do UDS registration only after 65% payment and banks loan disbursement will be made only after UDS registration. I am now going behind the builder to register UDS as I have paid 20% already. These builders are creep corrupted people.....
    CommentQuote