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Buying House in Agriculture and Reserve forest land in Outskirts of Chennai

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Buying House in Agriculture and Reserve forest land in Outskirts of Chennai

Last updated: November 12 2019
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  • Buying House in Agriculture and Reserve forest land in Outskirts of Chennai

    Hello friends ,

    Need your expert advice on my below query . Kindly help.

    I finalised a one Villa in outskirts of Chennai . Everyone in my home liked the place and it came off in a reasonable price compared to all the other projects going on in and around Chennai.

    When I went for home loan with Indian Bank the loan got rejected stating that the land comes under survey number 40 and 28 series which belongs to Agriculture and Reserve forest area.

    The bank manager helped me understanding the risk involved in buying such a property as there might be problem in the future.

    However the builders have already bought the home loan approval with private bank HDFC and the bankers are ready to disburse the loan in just 3 days as they have already funded for two more houses there in the same project. When I asked the HDFC loan agent about the survey number of land and how they got through legal opinion before funding he said like that in future all these areas will become residential as there is no way of doing agriculture here and the government will change the survey numbers anytime soon. So having that in mind they funded the project and approved for home loan.

    The land is panchayat approved and not DTCP approved. Houses built are five years old so they have not got the DTCP approval , however they're building 3 more houses in the same land currently which they got DTCP approved. The patta of the land is also fine. And the builder is also a reputed builder.

    Indian bank upfront rejected the loan stating it comes under agriculture and reserve forest land and when I asked the same with HDFC they say it will change in future and that's why they are funding but they too are not ready to be responsible for the risk in that and said the consumer is liable for it.

    I am confused whether to take the risk and buy the property with HDFC loan as everyone in my family likes the house and it came in a reasonable price and having a idea it will change as residential in future or not to risk my hard earned money in this project.

    Please help me with your valuable suggestions.



    Note: There are many houses built in the same area along with a major commercial building very next to the site.
  • #2

    #2

    Re : Buying House in Agriculture and Reserve forest land in Outskirts of Chennai

    Can you be more specific on location and builder.

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    • #3

      #3

      Re : Buying House in Agriculture and Reserve forest land in Outskirts of Chennai

      that is what the problem in south chennai. I have also faced it. Most of them are unapproved(pachayat approved), goverment/PSU banks won't give loan unless it is DTCP/CMDA approved.

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