...INFORMATION ON RESALES...

Dear Friends,

Best Wishes to you all,

In the recent past, there has been a gradual increase in the real estate sales in Bangalore and some investors are disposing their properties, thereby earning the fruits of their investment. In this regard, certain wrong-doings have been brought to our notice by concerned people.

As the resales are done from one individual to another, the same seller may indulge in making multiple agreements with different buyers for the same property. He may try to dispose the site without actually clearing the dues towards the parent Company and so on.

So, with a view to safeguard the interests of the prospective investors in our projects, we strongly advise them to consider the below-mentioned suggestions very seriously:

Notify the proposed purchase in a leading newspaper.

Get a No Objection Certificate (NOC) from the parent Company. This would ensure that the entire property is in the physical possession of the intending seller and assures that there are no tenants/licensees/ any other occupiers and also that there are no dues/arrears payable to the parent Company.

Ensure that the property is free of mortgages, liens etc.,

Check whether any of the intending seller's family members have the right, title or interest in the property. If yes, ensure that all those who have any interest in the property sign the agreement.

Get the information about registration and transfer charges, life time maintenance deposit etc., from the parent Company.