The Land changed owners…How ?

Overview:

Dear Reader ,

We started from land acquisition and ventured up to casting of the columns above the basement .

We talked about the cube testing and then listed down the tasks in the project.

[ Previous posts :

One two three and….. start ,

The building grows..above the plinth ,

Growing columns in the backyard
You must be quite curious to know about how the land was selected .
So before going further let us see what exactly transpired during that phase:

THE OLD BUNGALOW ALONG WITH THE PLOT WAS IDENTIFIED.
THE OLD BUNGALOW ALONG WITH THE PLOT WAS IDENTIFIED.

A word about land acquisition:

The clients were in the lookout for a suitable land for a long time. Through a reference they were directed to an aged couple who wanted to move out of the City and wanted to dispose off their existing bungalow.

The identified property was situated in the heart of the city. The plot was rectangular and  had roads on two sides. A bungalow was constructed on the plot about 40 years back. There was a bored tube well giving adequate yield of water .The plot was in a good residential area.

After having physically seen the  bungalow &  the area ,The photocopies of the ownership documents        ( registry ) was taken for reference .The entire information was collected through various sources and compiled as follows:

1.Plot area

2 Built up area of Bungalow
3. Dismentalling cost
4.The plot is in which zone
5.Rate of TDR in that zone
6. Selling rate of new flats in that locality
7. Tentative built up area 
8. Tentative Saleable area 
9. Loading on carpet area
10.Possibility of getting funds
11.Expenses involved in:
a. Dismentalling old bungalow
b. Salvage cost which can be realized
c. Stamp duty & registration
d. Architect/consultant charges
e. Prevailing rate of construction

With this data, and brain storming session with the architect and the lawyer , firm decision was taken to acquire the property subject to legal title being clear and without any encumbrance.
Land transfer :
A search report for past 30 years was carried out by the lawyer and all mutation entries in the registrar’s office were verified to ascertain the legal title of the landlord.
A token advance was paid to the land lord and an registered agreement was soon entered between the land lord and the clients which stipulated the following :
a.Property details

b.Payment terms

An advertisement in the local news paper was released giving details of the deal and objections  ( if any )were invited from any one having a vested interest in the property or having any dispute  regarding the property.
There were no claims whatsoever from anyone objecting to the said deal in the stipulated period                 of 30 days.

After completion of the payments the empty possession of the property was handed over to the clients by the landlord.

The bungalow was dismantled and debris properly  disposed
The clients established site office at the plot .
NEWLY ERECTED SITE OFFICE at the recently acquired property which is being developed.
NEWLY ERECTED SITE OFFICE at the recently acquired property which is being developed.
Author’s note :
Dear Reader ,
This post has only given you the salient features of the legal deal for the purpose of giving a continuity to the topic.
The legal procedure is quite exhaustive and hence it is essential to understand the full implications in detail from a practicing lawyer.
We shall resume with the technical discussions from the next blog.
Thank you so much for continued support .
Happy Reading !
Advertisements

2 thoughts on “The Land changed owners…How ?”

  1. Hello Kulkarni Sir
    Wow!! And wow!! And wow!!
    As I am very glad to see you through this blog. This was really very helpful read which i found.

    Like

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s