Be extra cautious while purchasing farmhouse lands: Advocate Shastri
|Source: The Hitavada Date: 06 Apr 2017 15:00:09|
“Land and property buying is a major investment for businesses and also a source of growth and prosperity. However, negligence in paperwork and failing to check for legitimacy of the property being sold can result in losses and/or lawsuits. Farmlands for farmhouses and other agricultural land especially should be bought with utmost care,” said advocate Sandeep Shastri while delivering a talk on Due Diligence in Property Affairs at VMA.
He said, “One must be extra cautious while purchasing farm house lands since there are stringent regulations regarding the size of fragmentation in farmlands. The Bombay Prevention of Fragmentation and Consolidation of Holdings Act, 1947 does not allow sub-division of agricultural lands below a set standard area. Many buyers are not aware of these regulations and end up buying fragmented pieces of farm lands for constructing farm houses. These pieces are not legal and buyers face problems later.
Advocate Shastri explained the necessary documents and procedures to ensure transparency in land transactions and property transactions. Advocate Shastri is a practising lawyer with over 20 years of experience
Jatin Jain conducted Gyan session on Macros in Excel. The session was moderated by Vinay Sarda with support from Month Convenor Rajendra Jindal and documented by Sei Deshpande for VMA archives.