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Purchase of CMDA Approved plot in 2 portions

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Purchase of CMDA Approved plot in 2 portions

Last updated: May 21 2014
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  • Purchase of CMDA Approved plot in 2 portions

    Hi all

    This is regarding the purchase of a plot in Madhananthapuram, Porur, Chennai. The plot in question is CMDA approved and we have verified all necessary documents.

    The problem we face now is that we are unable to raise funds immediately for the purchase of the entire plot. So the owner and us have agreed to register the plot in 2 phases. Out of the 2100 sq. ft, we will be first registering 1200 sq.ft and the remaining area will be registered within a gap of 2 weeks.

    We are planning to approach for a bank loan (Nationalized Bank) for one of the portions and when consulted with the bank lawyer, he said that it is possible to register a portion of the land. We were told that details of the entire plot has to be provided in Schedule A and Schedule B should contain specific details of the portion of the plot that we are planning to buy. Both these details should be available in the Sale Deed as well as the Sale Agreement. Bank also requires a sketch (need not be approved) depicting the area of the plot we are planning to buy.

    I am listing below some of the queries we have regarding this. Request all of you to please review the same and let us know your thoughts.

    1. Plot as a whole is CMDA approved. When we buy the plot in 2 portions, is the CMDA approval still valid?

    2. Both the portions of the plot will be registered in the same name only. In such a case, what are the steps to be followed when we go for construction of house in future?

    3. Do you foresee any other problem in this method of registration?

    Thanks
    Meera
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