1. It is an arrangement between you two, and you two may divide the share as per your whims and fancies.
2. It is flexible and you two may fix the percentage as per your wish.
Regards
Undivided land share for basement in builder flat property
I have a 300 sq yards property which I am getting reconstructed via a collaboration agreement with the builder. The reconstructed property will have basement, stilt parking, ground, first, second and third floors. The builder will take ownership of ground floor plus basement, while I will retain ownership of first, second and third floors of the reconstructed property. The collaboration agreement proposed by the builder states that land ownership rights are as follows: Basement: 10% Ground Floor: 22.5% First Floor: 22.5% Second Floor: 22.5% Third Floor: 22.5% The ground plus basement is going to be constructed and sold as a single unit by the builder. Thus there are 4 units with the following land share value: Ground + Basement: 32.5% First Floor: 22.5% Second Floor: 22.5% Third Floor: 22.5% My view is that all four units should have equal land share of 25%. My question is as follows: 1. Legally, does basement ownership provide a % of land rights to the owner? 2. Is the proposed division of 10% land share to the basement stipulated by Law OR is this flexible and up to the owner and builder to negotiate?
Asked 7 years ago in Property Law
Religion: Hindu
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8 Answers
1. Sir the land rights or the undivided land share can be agreed between you and the builder and having percentage in basement and undivided share provide ownership right over same to the owner.
2. It is between you and builder to negotiate same.
Yes it is stipulated by law and as per your sanctioned plan.
proposed division of 10 per cent to basement is flexible and up to owner and builder to negotiate
not necessary to provide basement owner land ownership rights
It is upon the land owner and the builder to negotiate the terms of development agreement. Agreed upon terms and conditions would be binding upon both the parties.
In my opinion, the builder is trying to take more share then he is supposed to. Ideally, builder just get the top floor for doing the development and never the ground floor or basement.
Dear client,
Onwership of land will be on proportionate basis, 25% per flat.
No
Such division invalid without registered transfer of 7.5% excess land.
- As per the information mentioned in the present query, makes it clear that there will be a collaboration agreement between the builder, but the ratio in which builder is putting the units are quite difficult to mug up.
- As there are five units on the land, from basement to third floor, so it should be as 20 percent each.
- Now, the only question for 10 percent may be acceptable only if the basement is constructed on or as half of the total land, otheriwse this bifurcation of land in percent is not acceptable.
- You need to give more clarity in this as to what is the exact construction area for basement, then would try to provide you some good case laws also on this issue.
1. Yes, he too will be entitled to a share in the UDS.
2. This is a negotiable issue, there is no law specifically permitting this arrangement.
