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Procedure to Build Housing Society for Friends on Purchased Land, Chennai

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Procedure to Build Housing Society for Friends on Purchased Land, Chennai

Last updated: April 13 2013
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  • Procedure to Build Housing Society for Friends on Purchased Land, Chennai

    Dear forum members,

    I wanted start this thread since i didn't find any other.

    We are a group of friends & are interested in buying a land together & then build housing preferably on an apartment model.

    This is for end use & will be our first home. we all qualify for a loan in the range of 30 to 40 L & can pool in up to 5-8 lakhs of initial investment since i understand that this has to be the owner contribution of 15 to 20% of the loan.

    We have a builder acquaintance among us who is willing to do the construction at 1650 to 1800 per sqft depending on various factors ( we have not got in to a detailed discussion)

    Kindly advice on how can this be done.
    Is the loan possible
    Are there any alternative model available

    This idea was suggested by my father , he is a govt employee & they got together to form a group to buy a layout in 1980's. but there was no loan & other complications involved.

    Appreciate your valuable suggestions.
  • #2

    #2

    Re : Procedure to Build Housing Society for Friends on Purchased Land, Chennai

    Dear senior members,

    Kindly help.

    Comment

    • #3

      #3

      Re : Procedure to Build Housing Society for Friends on Purchased Land, Chennai

      Hi nakshatra,

      We came across few plots of 2400 sqft area, which we can partition it for 2 separate houses rather going for apartment. If you are interested please let us know.

      Comment

      • #4

        #4

        Re : Procedure to Build Housing Society for Friends on Purchased Land, Chennai

        This is an wonderful idea. This is feasilble if there is very good understanding between you friends. Otherwise this will become a big headache!
        I have my own experience in buying a big piece of land and dividing it between 5 friends. Its not that easy, but a big profit, it you make it a reality.
        I have also seen a group of 4 who gathered in building 4 flat in a ground.
        So this is feasible, go a head..

        Comment

        • #5

          #5

          Re : Procedure to Build Housing Society for Friends on Purchased Land, Chennai

          Originally posted by VunnaiPolOruvan View Post
          This is an wonderful idea. This is feasilble if there is very good understanding between you friends. Otherwise this will become a big headache!
          I have my own experience in buying a big piece of land and dividing it between 5 friends. Its not that easy, but a big profit, it you make it a reality.
          I have also seen a group of 4 who gathered in building 4 flat in a ground.
          So this is feasible, go a head..
          Thanks for the reply VunnaiPolOruvan

          Would be real helpful if you can share your experience on the following

          Common problems arising emotional / financial

          can we avail loan for the purchase of the land since we are trying to avoid the double registration charges one during purchase of land & other during purchase of apartments please correct me if im wrong

          Is there any restrictions form the government bodies

          Any suggestions for a alternative model..

          Comment

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