Legal Question in Real Estate Law in India

I had invested in a property in mumbai in 2003. This property was bought by me from a relative ( maternal aunt). I had taken a loan from a financial institute. The property was worth 40 lacs at that time. The Bank financed 30 lacs. I had paid 10lacs by cash and had takena receipt for the same. The Bank went and gave the cheque of 30 lacs to the seller( my aunt) without fist registring the property or executing a sale deed. On receiving the cheque, my aunt decided against selling the property and tore all the documents which the bank had given me to sign and also to get signed from her. The staus as on today is that i have been paying EMI`s without the property being registered in my name. The bank is aware that there is no registeration done. 6 months back my aunt passed away and has willed the property to my cousin i.e. her nephew. I stopped paying EMI`s to the bank and he bank sent me a notice to take possession of the said house as the account has become NPA. I wrote to the bank stating that i am willing to pay off the loan but they should hand the property to me and also give me the tile deeds. The bank has since then not responded. Ehat should I do inorder to have a right to this property and / or deal with the bank? if the bank does not have the title deeds, can I claim compensation w.r.t neglect in duty of the bank and my loss of property? How do i claim that this property belongs to me as my aunt in her will has mentioned that she had a verbal agreement with me but for 60 lacs (which is not true) and I have only paid her 30 lacs from the bank? what should I do?

Asked on 9/16/10, 6:44 am

RAJIV GUPTA (Cell: +91 9811284735) [email protected]

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once a property is attached, it would be auctioned and you may participate in the auction.

Answered on 9/16/10, 10:03 am

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