Please help me in knowing the legal aspects of this idea.

I wish to buy a plot with 2 friends of mine and construct a 3 floor + basement + stilt parking on the plot. The three of us can each take a floor and later on decide to move their or sell. I have a few queries:
1) Is it possible to buy the plot in the name of all three (or by creating a separate entity)?
2) Under the current laws in Noida, can we create separate registries for the three floors later on?
3) Is it possible to take a home loan on such a property by all three or even one of the three?
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  • Originally Posted by softie
    Please help me in knowing the legal aspects of this idea.

    I wish to buy a plot with 2 friends of mine and construct a 3 floor + basement + stilt parking on the plot. The three of us can each take a floor and later on decide to move their or sell. I have a few queries:
    1) Is it possible to buy the plot in the name of all three (or by creating a separate entity)? - Possible
    2) Under the current laws in Noida, can we create separate registries for the three floors later on? - not possible as of now, dont think will happen for atleast next 3-5 yrs as this will bring down the flat prices and but obviously the builder lobby wont let it happen..
    3) Is it possible to take a home loan on such a property by all three or even one of the three?
    - typically banks dont finance properties held by joint names which are not related by blood, however, if you incorporate a company it may be possible...

    my comment above...
    CommentQuote
  • Originally Posted by softie
    Please help me in knowing the legal aspects of this idea.

    I wish to buy a plot with 2 friends of mine and construct a 3 floor + basement + stilt parking on the plot. The three of us can each take a floor and later on decide to move their or sell. I have a few queries:
    1) Is it possible to buy the plot in the name of all three (or by creating a separate entity)?
    2) Under the current laws in Noida, can we create separate registries for the three floors later on?
    3) Is it possible to take a home loan on such a property by all three or even one of the three?

    Authority doesn't allow.
    Only Blood relation can buy Jointly.
    CommentQuote
  • Originally Posted by prakashjh24
    - typically banks dont finance properties held by joint names which are not related by blood, however, if you incorporate a company it may be possible...

    my comment above...


    Thanks. Any idea if it is possible in Gurgaon to create separate registries?
    The loan you are talking about to a company can't be home loan, rite?
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  • Originally Posted by cookie
    Authority doesn't allow.
    Only Blood relation can buy Jointly.


    Thanks cookie bhai. If we make a new company, then it can be bought on the name of the company I hope?
    CommentQuote
  • ok

    Its depend at which place u want to this

    In delhi/GGN/Fbad

    Its possible because land here is Free hold i mean all plotted development and floor wise registry is posible,bank laon can be done etc.

    but in noida

    land is leasehold and noida authority till date has not allowed floor wise registry yet.
    If you try to buy land in group that is posible but legally its not adviseable as land disputes takes generation to settle in courts.



    Originally Posted by softie
    Please help me in knowing the legal aspects of this idea.

    I wish to buy a plot with 2 friends of mine and construct a 3 floor + basement + stilt parking on the plot. The three of us can each take a floor and later on decide to move their or sell. I have a few queries:
    1) Is it possible to buy the plot in the name of all three (or by creating a separate entity)?
    2) Under the current laws in Noida, can we create separate registries for the three floors later on?
    3) Is it possible to take a home loan on such a property by all three or even one of the three?
    CommentQuote
  • hi

    Originally Posted by softie
    Thanks cookie bhai. If we make a new company, then it can be bought on the name of the company I hope?


    you can do this in delhi even as per new master plan 2021 land pooling is allowed in new urab ext zones like area next to bawana,kanjawala,najafgarh Etc . minimum lan require is 3 acres with far 3.

    not only you make kothi there but earn crores----crores in near future.:o
    CommentQuote
  • Originally Posted by cookie01
    Its depend at which place u want to this

    In delhi/GGN/Fbad

    Its possible because land here is Free hold i mean all plotted development and floor wise registry is posible,bank laon can be done etc.

    but in noida

    land is leasehold and noida authority till date has not allowed floor wise registry yet.
    If you try to buy land in group that is posible but legally its not adviseable as land disputes takes generation to settle in courts.


    DDA allows Parking+4 floors I guess, how many floors are allowed in Gurgaon and Faridabad?
    CommentQuote
  • Originally Posted by cookie01
    Its depend at which place u want to this

    In delhi/GGN/Fbad

    Its possible because land here is Free hold i mean all plotted development and floor wise registry is posible,bank laon can be done etc.

    but in noida

    land is leasehold and noida authority till date has not allowed floor wise registry yet.
    If you try to buy land in group that is posible but legally its not adviseable as land disputes takes generation to settle in courts.


    Authority will not register in the 1st place.
    one can't buy Authority Plot or flat in group if they are not in Blood relation.

    By the way, Freehold doesn't mean floor registry. Even In Haryan Floor registry was not allowed till few years back. and even today no floor below 180 syd can be registered.

    Freehold doesn't mean freehand. :bab (59):
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  • Wish Noida becomes freehold.... NA is pure corrupt!
    CommentQuote
  • Originally Posted by cookie
    Authority will not register in the 1st place.
    one can't buy Authority Plot or flat in group if they are not in Blood relation.

    By the way, Freehold doesn't mean floor registry. Even In Haryan Floor registry was not allowed till few years back. and even today no floor below 180 syd can be registered.

    Freehold doesn't mean freehand. :bab (59):


    cookie bhai, is it possible to form a small company to buy a plot? this could be used for investment or end user purpose by a group of ppl
    CommentQuote
  • hi

    Originally Posted by softie
    cookie bhai, is it possible to form a small company to buy a plot? this could be used for investment or end user purpose by a group of ppl


    its do.. able but bit difficult tecnically..............
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  • Originally Posted by nisha10
    its do.. able but bit difficult tecnically..............


    Wats difficult? forming a company or buying a plot on the name of a company. I have heard of group of ppl investing together and then sharing profits, just don't know legally how that happens.
    If 4-5 ppl have 5-10L of cash, then it can't be invested in RE in any other way I guess.
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  • Seniors, please advice, how to invest in RE in a group.
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  • Gentleman,
    Please go to Indirapuram (Gyankhand -1/2/3/4. & other khands).
    Check the buildings there.
    Meet the brokers and then builders.

    Investigate .

    you will find that.
    1, Plots of 120sqY to 350SqYd were purchased on the name of a company.
    2. Builders build a company, build one/two projects and then change the name of company, First name of the company will be same.
    3. they generally gather as 4-5 partners and make a company to purchase a land of 60L to 3.25Carors.
    4. They book the flats before construction.
    5. Construct the house (Then making compounding) with that booking money and the at the time of final possission get the bank loan done on party name and registry to Party/bank.

    Very esay funda.
    CommentQuote
  • Originally Posted by planner
    Gentleman,
    Please go to Indirapuram (Gyankhand -1/2/3/4. & other khands).
    Check the buildings there.
    Meet the brokers and then builders.

    Investigate .

    you will find that.
    1, Plots of 120sqY to 350SqYd were purchased on the name of a company.
    2. Builders build a company, build one/two projects and then change the name of company, First name of the company will be same.
    3. they generally gather as 4-5 partners and make a company to purchase a land of 60L to 3.25Carors.
    4. They book the flats before construction.
    5. Construct the house (Then making compounding) with that booking money and the at the time of final possission get the bank loan done on party name and registry to Party/bank.

    Very esay funda.


    Thanks for the lead, will look around that place.
    CommentQuote