Hi Folks
One of my friend is planning to buy a Flat, but the problem is that the builder doesnt have approval for the top most floor, thats why he is selling at a lesser price, There are 3 flat in that floor, one is already occupied by his close friend, they have been there for the last 1+ yrs, the other two he was renting it out, now he is selling it.Experts on this forum can you please tell me , what would be the wrost case scenraio, if he buys the Flat.
regards
Lokesh
Flat without Approval
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ardesarchitects
- Posts: 1080
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Re: Flat without Approval
Hi lokesh,
Buying a flat in the floor with out sanction is a bit risk,but then 95% including premium builders build penthouses all under violation.The worst case could be bbmp asking to remove the floor (till now 1 or 2% cases happened that to during construction time).
Most of these floors need to be regularized when akrama-sakarama come up.No bank will be ready to give loan ,may be some will be ready to give loan on spending lot money.
Regards
Ar.Praveen.N
Ardes Architects and Interior Designers
ardesarchitects@gmail.com
Buying a flat in the floor with out sanction is a bit risk,but then 95% including premium builders build penthouses all under violation.The worst case could be bbmp asking to remove the floor (till now 1 or 2% cases happened that to during construction time).
Most of these floors need to be regularized when akrama-sakarama come up.No bank will be ready to give loan ,may be some will be ready to give loan on spending lot money.
Regards
Ar.Praveen.N
Ardes Architects and Interior Designers
ardesarchitects@gmail.com
Re: Flat without Approval
Thanks Praveen for your reply, as u said lot of builders do construct. So only remote changes of removing the Floor right ?, When akrama-sakrama comes up, they would ask to pay some money/sq.ft to make it regularize ? is that the way it would work ?
Re: Flat without Approval
Hi lokesh,
pent houses in most apartments get registered, but no plan sanction, so no bank loan, thats why builders keep it for themselves or give it for rent.
No one knows when govt will implement Akrama--sakrama, its in karnatka high court. we dont know the specifics of Akrama-Sakrama. cant speculate as of now.
regards,
ravindra kumar hg
pent houses in most apartments get registered, but no plan sanction, so no bank loan, thats why builders keep it for themselves or give it for rent.
No one knows when govt will implement Akrama--sakrama, its in karnatka high court. we dont know the specifics of Akrama-Sakrama. cant speculate as of now.
regards,
ravindra kumar hg
Re: Flat without Approval
Hi Lokesh,
As situation is thr with me now. I saw an apartment with out approval. what happen to your friends? did they bought it ?
As situation is thr with me now. I saw an apartment with out approval. what happen to your friends? did they bought it ?
Re: Flat without Approval
Hi Lokesh,
My sister bought a pent house apartment in Kaggadaspura in 2006. They tried, but could not get loan in SBI and other banks, but managed to get loan in Deutsche Post bank (now known as First Blue Home finance). My sister saved significant amount on apt cost, but are paying it up to the bank as EMI and interest. Another disadvantage is that, it will not be easy for reselling it. You need to find a customer who will be willing for full cash settlement, or go for a loan in banks which charge you lot.
Many builders have offered me these pent houses at very "tempting" rates, but I've struck to my idea of buying something that is approved and in my budget limits. And, I'm still in the hunt to find one
My sister bought a pent house apartment in Kaggadaspura in 2006. They tried, but could not get loan in SBI and other banks, but managed to get loan in Deutsche Post bank (now known as First Blue Home finance). My sister saved significant amount on apt cost, but are paying it up to the bank as EMI and interest. Another disadvantage is that, it will not be easy for reselling it. You need to find a customer who will be willing for full cash settlement, or go for a loan in banks which charge you lot.
Many builders have offered me these pent houses at very "tempting" rates, but I've struck to my idea of buying something that is approved and in my budget limits. And, I'm still in the hunt to find one