- This topic has 14 replies, 7 voices, and was last updated 1 year, 3 months ago by
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UI recently paid advance for a house plot. While applying for a home loan, I found out that 30 sq yards fall under a potential road expansion zone. If the government decides to extend the road, I’ll lose that part of the land.
Now I’m unsure whether to:
Exit the deal and demand a refund, since the land has a high risk of partial acquisition.In this case , can I get my advance back in full?
Negotiate for a lower price, accepting the risk that I might lose some land in the future.
What’s the best way to handle this?
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CNot a lawyer but according to the rules and my understanding if the market price is equal to the collector rate of that land then in the situation of acquisition you will get 4 times of money.
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UI edited my post, what I wanted to ask is 30 sq belongs to the road widening gift deed that the government owns.So, if the govt decides to extend the road I will lose it. Also the lawyer mentioned that since there is a construction on that part, I won’t even get any compensation from the government.
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AAfaik, you get a lot of money if the government acquires your land (provided it was purchased legally and was not govt land to begin with). You should properly research the law and rules of your state and precedents before making a move as the other party could negotiate for higher price if they become aware (provided they are currently not).
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UI meant that 30 sq yard is road widening gift deed that needs to be registered to the government when constructing a building. So it actually belongs to the government.
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SSo the previous owner already might have got 4x of the current rate and he might be selling only the remaining part.
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UProbably, not exactly sure on this. Also the bank is not willing to give loan on that portion. Should I exit now considering the risk or as the probability of acquisition is less can I negotiate and go ahead?
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SI recommend you for getting more clarity on this, make a visit to the revenue department for that area.
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UJust exit the deal if there is no extra FSI alloted for such land, and also next time have a local agent or local person with you it does help.
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ARoad widening gift deed means the land has been surrendered to government?
In that case you aren’t getting anything
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UWhat the lawyer told me is that any construction done after 2005 needs to allot some portion as a gift deed for the govt. But this was constructed before, so they haven’t done that yet. Once I buy and plan to construct something , I have to write the gift deed to govt( even though I pay the seller the market rate for the same)
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RSome doubts !!!
1. Residential and Commercial?
2. Are you reconstructing it or new construction?
3. If reconstructing then same built up or more built area will be constructed?
I think If more then portion of the land according to the excess area constructed will be gifted/donated/allotted for road widening. You’ll not get a compensation for this, instead will get an increased FSI ( Depends on State Laws).
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