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).

Answers (1)

259 votes
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

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