Planned for new Appartment

[sabarishks]

Hi All,

I've a 40*50 Site in C V Raman Nagar. I thought of building G+3 i.e 2 apartments per floor and sell to 8 people. But I came to know that I won't get G+3 approval for 2000 Sq feet. What can I do?

I also came to know that I can built G+3 but can't sell to individual parties. Is this right? Imagine I built 2 apartments per floor and I need to sell both the apartments to same person? Is this correct?

I thought of an Idea. In 40*50 site, let me transfer 20*50 to my dad's name and built one apartment per floor for G+3 and sell it to 4 individual person and similarly do the remaining 20*50 to built 4 apartments one per floor. Is this possible? Can I get approval for G+3 on 20*50 with each floor sold to each individuals.

Please do let me know.

[mramki_77]

I think the minimum area for building apartment should be 7000 sqrt (not sure if this is correct). So you might not getting BBMP permission/approval for your apartment.

Thanks
Ram

[deborshi]

You can not build apartments on a 2000 sq ft. site. It will not be legally approved. In the sense people will not be able to secure a bank loan to buy the apartments. If you want to develop the property, the best thing would be to split the land into two 25*40 plots and build two houses and sell them. Since CV Raman Nagar is a prime locality you can sell them for good prices.

The minimum size of a plot for building apartments should be around 5000 sqft under BBMP and around 4000 sqft under BDA.

[sabarishks]

I know, it isn't possible. But, what about my idea? Can I built only 4 apparments in total and sell it to 4 individuals? I heard, when the land area is less than 2000 sq feet, we can built appt and sell one floor to one person. Is this correct?

[deborshi]

How is building 4 apartments any different? It's the same concept. The owners will not get legal ownership. However there is a way to work around this. Register a company that owns the house and give 25% shares to each apartment owner. A good lawyer will suggest this to you.

This concept is being implement in many places. You can read about Suvidha here:

http://articles.timesofindia.indiatimes.com/2012-05-15/bangalore/31710944_1_suvidha-retirement-village-retirement-homes