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Symbolic possession taken over by bank of under construction building.
06-Oct-2023 (In Recovery Law)
Dear Sirs,
I have booked a industrial gala in the year 2009. The building is still under construction and the work is stopped. Have made 91% payment to builder. In 2012 the builder has taken project funding from SBI which was not informed to us. Builder has entered into agreement with majority of the buyers. SBI has taken over Symbolic Possession and given a notice in news paper for the same. Need to know what is legal status of my gala and have can i protect my rights on same. Can SBI create charge also on galas sold before they funded the project.
Please give your expert advices.
The query sites not specifically state that the loan was taken by the builder prior to your contract. It is also not stated if the construction is mortgaged fir that loan. I proceed to respond by presuming that iloan is prior in time and that construction was mortgaged. If the bank has not notified is charge on revenue record it is at fault. If the builder suppressed this fact while offering it for sale then the builder is guilty of unfair trade practice. If you are yet to be officially informed about the banks claim then issue a notice to the builder demanding execution of sale deed. Depending upon the response the remedy will have to be chosen either before Consumer Forum or Civil Court.
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Adv. Prasad Arvind Abhyankar
Nagpur | 25+ Answers
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