Wednesday, May 17, 2006

kirtanblog
REAL ESTATES AND TRANSACTIONS THERE ON
My dear friends, the information here is not my original, but collected from various sources, codified and presented here for your information and to avoid loss or future complications while dealing or transacting in REAL ESTATE.
Go on .... and read it for your own benefit.

Suryam is a small time employee. All his friends, united purchased a site at the outskirts of the city. He got a plot of 300 sq.yds. He, availing loan from his employer and from the local commercial banks, accquired the 300 sq.yds site and constructed a small house. On that day there was a meeting of all the plot owners and Suryam was dumbfounded when he heard the news that the site they have purchased is the reminder of a bigger plot. After applying the Urban Land Ceiling Act 1978 the present site goes under the Act, and Govt will take over it. Now it is to be regularised before 31st March, by paying additional taxes/fees, which amounts to few lakhs per owner. Or else the plots will be taken over by the government. In addition to the cost of the site and cost of constructing the house, Suryam has borrowed from the local banks for the marriage of his daughter, which he recently performed. He is neck- deep in debts. Now there is no chance for him to borrow in order to pay taxes/fees to get back his site. He is waiting, waiting......... for the governmet order.....
Mr.Rama Murty is an NRI. Togather with his friends he purchased a house site at the outskirts of Hyderabad city. He got all his papers, duly registered and signed by the Sub Registrar under his office seal. After two years, Mr.Murty visited Hyderabad, with an intention to sell the plot. The sub registrar refused to register it in the name of the purchaser as the plot falls under the Urban Land Ceiling Act 1978. However, Murty enquired from the sub registrar, how it was registered in his name earlier. He got the reply, then it was not announced that the plot falls under land ceiling act and he has registered it with house number. Now from this version of the reply, he is not the owner of the plot, and there is no house on the plot.
Now, these are some of the mischiefs done by the real estate brokers, and we innocently fall prey to them. As such, I am presenting here some of the silent points that are to be observed by the prospective real estate purchasers.
If a piece of land is recorded in the records of revenue department as Government property, please note, it can NEVER be, repeat NEVER, become a private property. Everything has got a price, and so the brokers pay a price and create documents, showing it as private property and they sell it. Before the deal starts, you make your own enquiries from the local Revenue office whether it is a government property and is exempted from the land ceiling act. If you got affirmative answers, proceed further. Every family has been defined in the land ceiling act to hold a specified amount of land. It is different for cities, towns and villages. This information also you can obtain from the local revenue department, pertaining to that locality. Normally, the land owners ignoring this act, and with the help of the brokers, divide their site into small plots, and sell them. Broker is the gainer and the purchaser is the looser.And you may not find the address of the Land Lord.
REMEMBER, all your enquiries and replies thereon at the revenue department should be preferably in writing. Here you can also take the help of RIGHT TO INFORMATION ACT.
( to be continued in my next......)

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