Legal Position - Responsibilty of the Builder to hand over the common Assets
We have come across a situation where our builder of a group housing of Villas and flats numbering 411 has put a condition thru some of his supporters In the RWA that he will transfer the common assets of 4 acres of land and construction (office, gym, community hall, etc) by simple sworn affidavit that he will not claim the property back for any reason. Many uninformed members in the Governing body are keen to accept and bail out the builder for personal reasons. It is learned that transferring the common assets by bearing the applicable stamp duty is the responsibility of the builder. What is the legal way of transfer of common assets and buyers' rights? more
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Let me rephrase the issue. The Common assets like Community Hall ,gym ,club house etc stand on the Land in the past 7 years owned even presently by the Builder .He has no intention to tranfer it to the RWA . He has sucessfully managed to get an affidavit approved by a committee of his owm men and it was kept a secret for long. Now it turns out that affidavit does not qualify to be called an affidavit at all. The team which accepted the affidavit has gone into hiding offering no explanation for the blunder. The common member is least interested so long as he gets water and electricity. Now what is the best option to secure the long term interests of the community particularly when it comes to liquidation of the assets years later ? more
Jul 11
The fact that the builder has taken loans and repaid them confirms the freehold nature and it is entirely at his disposal till now. The problem is there are a few office-bearers who helped the builder maintain secrecy from 200 buyers till a few questioned. So how to secure the interests in Common assets is the issue? The same set of people manage to come to the EC year after year and keep the issue under the carpet. The commoner stands clueless. more
Jun 28
As long as the area notified common area,which, as per sale deed executed by a buyer excluded, qualifying the common area as FREEHOLD LAND,owned by the builder with clear title, buyer has no right or legal stand to claim the area. more
Jun 24
The UDS value distributed among the buyers excludes the area of common amenities like a swimming pool, community hall, gym, office area, and land parcels pertaining to those. They are freehold and retained under the name of the builder and the land parcel is within the compound. It remains untransferred to the buyers or the RWA. The problem here is a group of Builders confidentes in the EC are ready to bear the stamp duty from members corpus and help the builder save several lakhs of rupees. Prima facie it looks shady. more
Jun 24
Certain clarity with regards to the part and parcel of the plot,in which, a developer or a builder registered with registrar of societies ,to be screened thoroughly. Whether the developer or building owns the part and parcel of the plot in this name, confirming free hold land. Whether the plot is leased to develop as society, villas, row houses or only some part of land parcel ,admeasuring ( specific area) , and the remaining area , not included in the agreement, be developed as per the convenience of the developer or builder. In the event the whole part and parcel of land admeasuring areas forming society,villas or rowhouses,then, builder tries to take undue advantage,in convenience with few selected members All the same,,when a Bayer executes an buying agreement, he or she should deeply understand various loopholes in the agreement the builder registered the plot with registrar of societies and whether,the builder or developer shared all such details by providing authenticated copies of documents to an individual flat buyer. more
Jun 24
