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How can I save my property if builder is not repaying bank's loan?


15-Dec-2023 (In Civil Law)
Hi , I am resident of Faridabad. I bought my house in 2016 as resale. It's been more than 2 years but builder isn't getting flat registration done. There are around 1200 flats in this society. Few days back  Bank issued notice at Society's gate that builder is supposed to pay 104 crore in 60 days and in case of default bank will take possession of each flat of this society. We are much worried for our property because of this fraud. Builder has take loan on our property and not paying money to bank. Please help and suggest course of action here. Regards
Answers (2)

Answer #1
657 votes
Builders taking loan from bank on projects are required to comply with the guidelined as per RBI circular of 2009.banks can't attach the flats already sold by builder, however you must file a complaint for fraud and ask for noc from the builder. Depending upon the facts of the case police complaint can be filed fot fraud, cheating and breach of trust or a legal notice can be served to builder or a consumer complaint can be filed
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Advocate Ranbir Singh

Adv. Ranbir Singh

LawRato Faridabad | 25+ Answers
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Answer #2
933 votes
Hello, it is very painful and pathetic that builders are generally doing this type of unfair trade practices all around the Delhi/NCR (Specially In Faridabad) and govts. are not doing anything against the builders, but there is no time left for you to wait. Reason being, as the scenario you mentioned here that, there is only option /solution left with you that immediately go to the court of law and file an injunction suit with stay application (Include Builder and Bank as parties to the suit) to save your residence rights first and after that you can implead the builder in forgery case, which would be criminal in nature.
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Advocate Sumit Sharma

Adv. Sumit Sharma

LawRatoFaridabad | 25+ Answers
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