Risks involved in buying a plot from Cooperative Society ?

POSTED BY Swathi ON November 16, 2013 10:53 am COMMENTS (3)

Hi Manish,

I have a query regarding purchasing a plot from any Cooperative Society.

Firstly I am not aware whether Housing Cooperative Societies alone offer to sell plots to members and non-members of the Cooperative Society or any other Cooperative Society would offer the same.

I am planning to buy a BMRDA plot of Chandapura (750Rs/sqft) and one of my friend’s dad who is a member in the Cooperative Society has provided information about it. It looks enticing for me as I am still in the beginning of my career and I have a dream of buying a plot with the cost as least as possible as I cant afford properties with bigger price tag.

But I am worried about the risks involved in buying a plot from Cooperative Society from a member of the Cooperative Society?

And what is the risk if I become a member in that Cooperative Society and then buy it? What are the measures to be taken? I have been planning for buying plot since a year but due to lack of guidance and fear of getting cheated I have not yet proceeded further other than checking prices about properties:(

Because I have heard of many cases in which they are cheated from the seller and I cant afford to get loss from my investment and so I thought its safe to be quiet without buying.

Need your help/inputs/guidance here.

Best Regards,

-Swathi

3 replies on this article “Risks involved in buying a plot from Cooperative Society ?”

  1. ashalanshu says:

    Dear Swathi, if the final aim is to purchase a flat, please do not opt this Plot thing. The whole structure of your future flat purchase ‘ll crumble if either Plot does not appreciate or does not get legal clearances at all.

    My personal take, start saving for your flat from here onwards. Even a simple product like Bank RD is good for creating corpus for your initial down payment money. Rest ‘ll come in from home loan.

    Thanks

    Ashal

  2. ashalanshu says:

    Dear Swathi, what you are going to do with the plot post purchase?

    thanks

    Ashal

    1. Swathi says:

      Dear Ashal,

      My plan is to purchase and sell the plot after 4-5 years (assuming plot has appreciated) and to purchase a flat.

      Thanks,
      -Swathi

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