Nidhin, Apartment Resident
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Help in selling an under construction apt
Q: Hi all, Im confused on the procedures that I need to go through to sell an apartment (Which is under construction). Please see the details below. I have booked an apartment (a 3bhk - 1411 sqft Total cost excluding registration costs - 36 Lakhs - Agreed at 2160 Rs / Sq. ft) in Begur Road, Bangalore in 2011 by paying a booking amt of Rs 1 Lakh. Now during the beginning of 2014, they got all the approvals and started the construction. They have now completed the foundation and moving to the next phase. I have then paid about 4.4 Lakhs to the builder during the construction of the foundation (Total - 5.4 lakhs). We have made an agreement of sale letter with the builder. Now since im moving out of country in sometime and also because I already have another apartment in the city, I would like to sell this apartment that I have booked. I need some expert advice on how to go about doing this. I checked with the builder and they agreed I can do so by paying them a fee (150 Rs/Sq.ft) and can sell the apartment at current rate (Rs 2850 - Rs 2950 / Sq. ft). There is a due amt to the builder for next phase - 7 Lakhs How do I sell the apartment? How much should the buyer pay me? Can I ask the buyer to pay the due amt to builder(Since I dont want to pay the next due amt because im planning to sell the apt)? How will be the transactions (Who will pay what amt to who)? I request all the experts to help me figure this out in a better way since im kind of new to all these. Regards, Nidz

Latest Answer: You can do one thing you can enter into an agreement with that person that he will be the remaining amount to the builder or you can also take advice from the legal expert in this matter.

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