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, RERA, Real Estate (Regulation and Development) Act, Allottee, Explainers


#Budget2017: FDI Norms May Be Eased Later This Year

Finance Minister Arun Jaitley announces the abolition of Foreign Investment Promotion Board (FIPB).

February 01 2017

+ Click Here To Read This Article

#Budget2017: Affordable Housing To Get Infrastructure Status

After Finance Minister Arun Jaitley presented the Union Budget 2017-18, Prime Minister Narendra Modi said the housing sector stood to gain immensely from the new announcements.

February 01 2017

+ Click Here To Read This Article

#Budget2017: Real Estate Sector Demands Simple And Effective Norms

One of the major announcements was of the Real Estate (Regulation & Development) Act 2016 (RERA), which is expected to be profitable for both customers as well as builders, will bring about a great deal of transparency.

January 31 2017

+ Click Here To Read This Article

#Budget2017: Self-Employed & Those Without An HRA Component Eager to Be Addressed

India's self -employed workforce as well as those who do not have an HRA component in the lump sum that they get from their workplaces is looking forward to Budget 2017. Their only demand being a rational look at the amount that is allowed for exemptions.

January 19 2017

+ Click Here To Read This Article

To Buyers’ Benefit, RERA Will Cut Down New Launches

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

October 04 2016

+ Click Here To Read This Article

Is NCR Losing Out To Mumbai, Bengaluru, Pune?

The National Capital Region, for very long, has been the largest residential real estate market in India. But, is NCR losing out to Mumbai, Bengaluru and Pune?

November 10 2015

+ Click Here To Read This Article

5 Things NRIs Should Know Before Investing In Indian Real Estate

Are you a non-resident Indian (NRI) planning to invest in Indian real estate? These are things you need to keep in mind before making an investment.

September 24 2015

+ Click Here To Read This Article

5 Creative Eco Resorts Around The World

If luxury housing are eco-friendly then what else could you want? It's like having your cake and eating it too!

May 04 2015

+ Click Here To Read This Article

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

Followed by Bengaluru, demand for office space in Hyderabad has witnessed a sudden rise. Now,...

Despite the real estate slump, affordable homes are making inroads into the investment hotspots of...

Maharashtra State Budget for 2017-18 fiscal focuses on infrastructure, smart cities and housing....

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

The Centre recently gave its go-ahead to the construction of the national capital region’s second...

PropGuide tells you how a better metro connectivity will raise real estate prices in Noida.

The first phase of a Metro network is already changing the way people commute in Bengaluru. Upon...

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

PropGuide simplifies complex real estate jargons for you.

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

Sunil Mishra, Chief Business Officer, PropTiger, talks on new online realty platforms for NRIs.

Subscribe Now

To stay tuned with real estate updates

Pick:

x +

Drop Your Query here


Top