Legal Question in Real Estate Law in India
Our under construction Apartment was mortgaged by the builder. He has failed to pay back the mortgage amount and the bank has gone ahead with the Securitization act and has taken possession of the apartment. What are the options available to us? Will there be any benefit if we petition for a stay?
We have a consumer court case running in the purchaser association name with thirty people representative case. Please suggest something as we are in deep trouble and waiting for a long time (4.5 years). Some have NOCs and some do not. The project size is 162 apartments.
Asked on 10/22/09, 3:47 pm
1 Answer from Attorneys
Seshadri Srinivasan
www.lawconcern.com
You can negotiate with the Bank for private sale to the respective parties.
Answered on 10/22/09, 8:50 pm
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