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Need advice on property stuck in stalled redevelopment project
31-Dec-2023 (In Property Law)
My property is in a stalled redevelopment project. The project started in 2009 and was scheduled to be completed in 2013, but as of 2021 only 9 floors have been built. Builder is neither paying rents nor finishing project. Builder has openly said he is not interested in completing the project. Tenants of the building have filed a writ petition in Bombay High court in 2018, but still not a single hearing has happened. Builder has taken loan from many banks, and failed to repay the loan, so banks have sealed his properties. Also in the partly built building, builder has given 1st floor space to banks as collateral for loans. Now one of the banks, who gave loan to builder, has shown interest in buying the tenancy rights of tenants. My question is, Can the banks buy the tenancy rights from tenants of a incomplete project without the builders permission? Can the builder object to this offer by bank?. If it is possible to sell the tenancy rights of an incomplete project, then can the tenants
Dear Sir,
If there is delay in execution of the redevelopment project, the society can take steps to terminate the redevelopment process.
Also, the bank can recover/take over the collateral offered by the builder while availing the bank loan if the builder has defaulted on payment of loan.
As regards, sell of tenancy rights, these rights cannot be purchased by the bank. The development agreement is a necessary document which needs to be checked before giving you a definite advice on this issue.
Regards,
Adv. Shrikant Bagade
If there is delay in execution of the redevelopment project, the society can take steps to terminate the redevelopment process.
Also, the bank can recover/take over the collateral offered by the builder while availing the bank loan if the builder has defaulted on payment of loan.
As regards, sell of tenancy rights, these rights cannot be purchased by the bank. The development agreement is a necessary document which needs to be checked before giving you a definite advice on this issue.
Regards,
Adv. Shrikant Bagade
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Adv. Shrikant Bagade
Mumbai | 100+ Answers
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Hi. Sorry to hear about your issue. This seems like a property issue, rera, and claiming of rights. We can help u with this by way of legal notice or filing criminal or civil case. We can discuss over a call at time convenient
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