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An Explainer: Allottee

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Description

When you buy a property, government and developer documents often refer to you as an allottee. The dictionary defines an allottee as “a person to whom something is allotted, especially land or shares”. Going by this definition, in the field of real estate, a buyer in whose name a particular property is allotted is an allottee.

According to the Real Estate (Regulation and Development) Act, 2016, an allottee is a person to whom “a plot, an apartment or a building has been allotted, sold or transferred by a promoter”. The Bill specifies that a person living on rent on a property cannot be defined as an allottee. The term allottee also covers a person who, after a property is allotted in his name, acquires it by following a prescribed sale process. This may include paying the transaction cost and several registration charges. Once a property is allotted to you, it is mandatory for you to follow the prescribed process and get it registered in your name as soon as possible.

The allotment papers are crucial documents and will come to your rescue if there is any ownership dispute over the property later.

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Tags: Real Estate Bill, Video, Term Of The Week, apartment in India, propguide


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