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I am planning to buy a property in Royal Palm, Near Film City, Goregaon (E), Mumabi. I am told that I can get loan from State Bank of India for buying this property. But there are many stories in the air, associated with the legal status of the land in Royal Palm area. Kindly clear my doubts. Is the land in this area is illegal? Will the flat be illegal even when I get SBI loan for buying the same? I am very much confused. Pl guide me whether I should go for buying a flat in Royal Palm (Summit Apartment) or not.
Thank you,
Dr Vatsala Shukla
09323882898
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Answers (3)
Hello,
Asset in this case property does not get done every year and hence if in a dilema check from the local muncipal authority on the matter they will have better information on the property in the specific area.
The property is not illegal. However since the buildings are made on Government land that has been given to the developer on long lease, the title to the building is transferred to the purchaser through a sub lease agreement unlike normal agreements that are in the form of a conveyance deed.
People has doubts on whether the title will be stable after the Government lease terms expires etc. and this has resulted in the properties quoting at t discount which may continue in the future also. However there is no problem with enjoying the property based on a "leasehold" status of ownership.
ruchi surana, on Jul 15 at 7:59 am
B Malani, on Jan 26 at 12:56 am