PROPGUIDE − A Complete Property Guide
#happyhome

An Explainer: Allottee

Loading video...

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.

For regular updates on real estate, click here

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


To Buyers’ Benefit, RERA Will Cut Down New Launches

As the Real Estate Act comes into force developers are likely to reduce the number of projects launches.

May 01 2017

+ Click Here To Read This Article

#WeeklyNewsRoundup: Govt Announces Third List Of Smart Cities

Here are week's top stories from the real estate sector.

June 24 2017

+ Click Here To Read This Article

#RealtyNewsRoundup: Delhi Govt Approves DDA Land Pooling Policy

Here are today’s top stories from the real estate sector.

June 19 2017

+ Click Here To Read This Article

#WeeklyNewsRoundup: Govt Slashes GST Rates On 66 Goods And Services

Here are the week’s top stories from the real estate sector.

June 17 2017

+ Click Here To Read This Article

#RealtyNewsRoundup: UP Gets Cracking To Become RERA Compliant

Here are today’s top stories from the real estate sector.

June 14 2017

+ Click Here To Read This Article

#RealtyNewsRoundup: Maha RERA Asks Developers To Register Projects By July 31

Here are today’s top stories from the real estate sector.

June 12 2017

+ Click Here To Read This Article

#RealtyNewsRoundup: DDA To Penalise Buyers For Returning Flats

Here are today’s top stories from the real estate sector.

May 22 2017

+ Click Here To Read This Article

Update: Real Estate Regulator Fixes 10% Interest On Delayed Projects

The Real Estate Regulatory Authority in Madhya Pradesh has prescribed the rate of 10 per cent for delayed projects during the period of delay. Projects will be registered with RERA only if the developer agrees to this provision.

May 05 2017

+ Click Here To Read This Article

Here are week's top stories from the real estate sector.

Here are today’s top stories from the real estate sector.

The Smart City Mission was kicked off in 2015 with an initial funding of Rs 7,000 crore. With the...

East Bengaluru is among the fast-growing micro-markets in the city. While you are here, you may...

The Goods And Services Taxes has clearned a proposal to charge a cess of 15 per cent on luxury cars...

Recently ranked among top 22 tech cities across the world by a London-based real estate advisory...

The Union Cabinet has approved the Noida-Greater Noida Metro Rail project, covering a length of...

The Phase-I of the Namma Metro will be fully operational from June 25. The new line will operate...

A building code is a set of norms that govern construction of buildings by stipulating minimum...

PropGuide simplifies complex real estate jargons for you.

Prime lending rate is the interest rate at which banks lend to its most credit worthy...

Proptiger has released it's quarterly review report on India's real estate sector. Ankur Dhawan,...

Subscribe Now

To stay tuned with real estate updates

Pick:

x +

Drop Your Query Here


Top