SARFESI act and its guidelines
Weather SARFESI act will be applicable will be applicable on a vacant land , where it is mentioned in the sale deed as residential property and being used for agricultural purpose. and same time if there is no government guideline rate for agricultural land, in the mauza where land is situated ( as per Sub registration office it is urban area).
If it is agricultural land then the said land cannot be sold by bank or financial institutions. As per Section 31(i) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, the provisions of the SARFAESI Act do not apply to any security interest created in agricultural land.
The issue as to whether land is agricultural or not would have to be decided by Tribunal
- Disclaimer: The above query and its response is NOT a legal opinion in any way whatsoever as this is based on the information shared by the person posting the query at LawRato.com and has been responded by one of the Documentation Lawyers at LawRato.com to address the specific facts and details. You may post your specific query based on your facts and details to get a response from one of the Lawyers at LawRato.com or book a Detailed Consultation with a Lawyer of your choice to address your query in detail.
Get Started >>
Answers by Our Lawyers
- What the procedure for court marriage in muslims?
- Settlement right re-transfer in family property
- HIndu girl married to muslim boy. Staying separate for 9 yrs.
- Brother sent notice for partition of property
- Person made a written promise to give land, not fulfilled. What to do?