Buying single portion in a multi-stair building

POSTED BY Pavan Avala ON December 26, 2011 12:01 pm COMMENTS (3)

Me and my friend are planning to buy separate floors (each floor has single 2 BHK) of two stair building (single owner). Both wants to apply for loan. One of my friends told that it is not possible to buy like that as it is not an apartment construction.

Is that true? Whom to contact for more information?

3 replies on this article “Buying single portion in a multi-stair building”

  1. During the initial construction itself if each unit has been registered separately – like having assessment for tax, separate electricity connection, water connection, etc. then the units themselves can be sold individually.

    Else you have to go for a co-registration with an implicit understanding of the boundaries of the property.

  2. investngrow says:

    I think there are some restictions i.e.the plot are/ built-up area should be more than certain limit. Instead You can register on both (without partition) and I do not think any relationship is required for the co-registration.

  3. Dear Pavan, the answer ‘ll depend up on the fact that the construction of building as well as sell off as 2 apartments is allowed by the concerned authorities. Please bring all the related property papers & check with SBI or HDFC for a reference. If everything is in place, such loan arrangements are possible.

    Thanks

    Ashal

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