I want to purchase a flat in Grampanchayat. Is it okay to purchase 4th floor property?

Firstly, the gram panchayat rules are different for each gram. The correct answer could be found only from the gram panchayat office or someone knowledgeable in your area. But, you can go ahead if the builder is able to give you the OC in addition to all other property documents. If the builder has permission letters only from the Gram Panchayat then you should not go for such property. You can ask the seller or builder to get these documents beforehand and then you can proceed ahead with the transaction. To confirm, you can enquire in the panchayat office as to what will be the penalty and other things in regularization of a flat if it is not approved by the gram panchayat under the existing real estate procedure. If that is a reasonable amount then negotiate with the seller or builder as how to share it among them and you. However, I would still suggest you not to buy a property if the gram hasn’t granted the permission for the floor or the house. The local body has all the right to demolish such constructions.