Should we invest in resi property build on industrial land? - Property Hotline
February 8, 2017
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29:30Tax queries answered with Aditya Pratap – 07th February – Property Hotline
6:32Now PlayingShould we invest in resi property build on industrial land? - Property Hotline
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as posted by the channelExpert: Aditya Pratap, Advocate, APA
Question: I have booked a flat in an under-construction project in Vasai. Builder is constructing a township with 9 buildings in total. He shared the completion certificate which states that building one as residential unit with shops, building two as staff quarters and rest of the buildings as industrial units. My flat is building 3 which is on industrial unit. Please advise if a builder can build a residential building on a land which is termed as an industrial unit? Is it a legitimate deal and should I go for it? Also the builder states that the occupancy certificate will be given within 6 months of the possession.
Answer: Since the project is in Vasai, I’ll ask you to obtain the copy of development plan of the area. You can get it from local Municipal Corporation or the Town planning authority. Check the plan and check for the land use. It’s recommended to do complete title search of the property and check all the chain deeds and plan sanction approvals. If the construction is done in violation of permitted use, it is an offence under the MOFA Act. The Occupancy certificate being a very important document, it is advised to take legal Precautions and utmost caution before investing in such property.
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