Registration of flats
4 years ago
My builder forces me to do the registration and agreement to sell for the booked flat. The land on which he is going to build the project is in question for me. The land record shows the name of previous owner in gov doc 7/12 extract. And there is lot of loans pending on the land in the previous owner. So is this legally correct or possible that a builder own a land which is already under Loan and tries to take booking and sell flats. In this scenario what should be done. Any action please suggest
A.Dear Sir,
In many cases the builders raise loan on the land and after completion of project they will clear of the loans. Please show all your documents to legal expert and get perfect legal advise.
Thanks.
In many cases the builders raise loan on the land and after completion of project they will clear of the loans. Please show all your documents to legal expert and get perfect legal advise.
Thanks.
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A.Usually when a builder is building apartments he would have taken loan from the banks for the complete project and hence the land and apartments are, in a way , mortgaged to the bank. There should not be any problem in that case. You please discuss your case with a lawyer with all the documents and if need be visit the bank to find out about outstanding loans on that project and land.
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