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Loss in builder project bank taking over will I loose my money
03-Jul-2023 (In Property Law)
I have purchased a under construction property in Andheri West. The property is registered after paying Stamp Duty, VAT etc I have paid upto 8 slabs out of 12, as and when demanded by builder. I have not taken any home loan. Now there is a clause in the Sale of Agreement, if I intend to take charge of the property I need to obtain an NOC from builder, since the project has been financed by a lender(bank) and hence purchasers have to make payment in builder's escrow account. I have given cheque to the builder, but builder hasn’t transferred my money to lender(bank) in escrow account and hence bank isn’t aware about any transaction wrt my flat. I have all the receipts. Is it mandatory to get an NOC from the builder or this clause is only applicable if I avail a home loan. Since the project is stalled, and if other builder or bank takes over, will my money be lost ?
The question is not clear. What NOC are you referring to exactly? There are a lot of questions that you need to answer - for example has the builder got the requisite clearances from the authorities or not? What are the terms and conditions of you Agreement for sale? Most importantly given the fact that your property may fall under the new RERA Act which has come into force, I would need further details about your property to give you an appropriate answer.
We can send a legal notice to the builder after you provide me with the requisite details.
We can send a legal notice to the builder after you provide me with the requisite details.
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It is the duty and liability of Builder to deposit all the payments received towards sale of flat in Escrow Account and not your's. Only if you avail loan on the said property/flat you will require to obtain NOC. In case of any other builder or Bank takes over the property you will have full right over the flat purchased as you have made timely payment as and when demanded. You can file suit in Court against the builder to claim your money with interest and put him behind bar.
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Adv. Bankim Mehta
Mumbai | 200+ Answers
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Agreement to sale is an important document in the sale transaction ( registered ). All the terms and conditions included in the agreement of sale must be understood throughly by both the parties and obey throughout the process till the sale deed is made. In your case u have not taken loan from bank. There is no queston of transfer of money to bank. It is mandatory to get an noc from the builder. U will not lost money.
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Adv. Meena Chaudhari
Navi Mumbai | 100+ Answers
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