myBDAsites.com

Hi,
Can someone let me know the risk involved in going for a BMRDA unreleased site. These sites form 40% of the sites and can be registered once the layout development is completed and BMRDA gives the release order. but the builder is saying that I can register it in my name if I am not planning to go for bank loan?
My question is: If the bank is not giving loan for blocked sites then it may be illegal to register it even with own money? Even if I register with my own money but if builder doesnt develop the layout, cant BMRDA auction my site? Isnt BMRDA the owner of the unreleased site till the layout is developed?
Someone please let me know at your earliest. Thanks!

in the event the developer does not abide by the rules (or layout plan - setting aside amenities sites etc.), the unreleased sites will be held for ransom. What happens then is, even if the site is in your name, you will not get plan approval etc. to construct your house. so beware before you register it (with your own money or otherwise).

Alway insist that you want register the site.... Always menton that you would be going for Loan. Banks wont give loan to site that is still under approval. Check in BMRDA office they will tell you the site numbers for which they have released the order.

Thanks for your reply. So, there is quite some risk involved in going for blocked or unreleased site. If the developer abandons the layout and the site doesnt get released then inspite of having it registered, there would be legal issues.

I guess those 40% sites are Mortgage to the respective authority. The idea of mortgaging the sites is, if the developer fails to provide the basic amenities, then the respective authority should sell those sites and use that money to provide the amenities.

So if you want to register a site in those 40% of sites, w/o the release letter, then it is a very clear legal issue. Because, the owner of the site is not the developer but the respective authority. Developer does not have any authority to sell those sites untill he gets the release letter. Also, as per the regulations, he can max ask for about 70% of the sale amount as a booking/advance payment. You can refer the BIAPPA/BDA bye-laws regarding this.

Hi all,

Is there any way to get the list of released sites vs unreleased/blocked sites for a particular project?
The builders may sell unreleased sites but later if bank rejects loan with reason that the site is still under unreleased list, then buyer tend to loose the advance given to book the plot.

If you have a copy of the BDA/BMRDA/BIAPPA approved plan, then the blocked sites are clearly marked and mentioned. Please ask the builder for a copy of the approved plan.

This is totally illegal. Can you please share the name of the builder? If this builder is informing you that you can register with your own money, he's definitely trying to cheat you and make some quick money. Please share the name of the builder so that rest of us can steer clear of him.

Thanks,
Prash.

I was checking for Signature Tulips. Came to know about blocked and unblocked issue from fellow buyers whose bank loan was rejected... Now I heard that their representatives are trying to convince the buyers that they can swap the sites to arrange bank loans. This is not first hand info as I've not yet met their representative yet. But I decided to drop the idea for now.