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Buyer Protection When SARFAESI Against Default Developer
3 years ago
Buyer has bought a property and is paying EMI on time to its bank and has also registered the flat and is living there. The property construction is still going on. Developer has taken additional loan from an NBFC and now that NBFC has come back with the notice that the Developer has defaulted in their payment toward them. In case the NBFC uses the SARFAESI Act, how will the buyer be affected who has registered their flat and living there or who has not registered and still living there. Please help for both scenarios.
Sidhaarth
Responded 3 years ago
A.Has the proper sale deed in respect of property been done? If yes then owner does not have ant right. In case of availing loan from NBFC builder might have mortgaged few flats or may be full project. If full project is mortgaged then you shall have to object the act of NBFC by lodging protest etc. Only after examining details, remedy can be suggested.
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A.It all depends upon mercy of the Debt Recovery Tribunal if you approach the Tribunal you may get some relief.
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