Legal Question in Real Estate Law in India
Apartment purchased in Bangalore
on 31 March 2005, we purchased an apartment from the builder and registered the same on that day with the sub registrar of KR Puram, Bangalore and we are in posseestion and occupation of the said flat since then till today. We have also availed home loan from a bank A in Bangalore for the same since 31 Mar. 2005. We have been paying regular installments to the bank A for the same till today. r
We also carried out a Search of the title of this property through a solicitor in 2006 and he certified that our titel is clear and properly registered at the registrar's records.
However, last week we got a notice from a different bank B, saying that our flat is in the name of a different person (an associate of the builder) to whom this bank B had advanced some money against the mortgage and since this person has not repayed this money to the bank, this bank B will take possetion of our apartment under securitisation act. Apparantly the builder had taken loan for this flat from this bank B.
Please advice urgently how to stop bank B from taking possession of our flat- because we have registered this property in our name at the sub registrar in 2005 itself. We presume that bank B also holds some mortgage/registration papers
3 Answers from Attorneys
Re: Apartment purchased in Bangalore
You appears to be a bona fide purchaser for value without notice.
Approach the Court immediately and get appropriate interim reliefs.
Re: Apartment purchased in Bangalore
In case you have received notice from the bank, then certainly bank would go in for recovery through Debt recovery tribunal. You can take a contention before DRT about your possession.
Re: Apartment purchased in Bangalore
It appears that mortgage with Bank B is prior to the mortgage with Bank A and may therefore hold more legal value.
After obtaining complete information from Bank B, if the mortgage is found anterior to your purchase, you may consider registering a criminal case of cheating against the builder/vendor.
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