Please suggest us. We are 20 flat owners of an apartment who bought one flat each from a builder. We all took Bank loans from different banks like SBI, HDFC who approved loans and sanctioned home loans. After three years, we saw today, that in newspaper that there is auctions being held on several lands belonging to our area, and our land is one of them which is ready to sale in Auction. We enquired with our construction owner , he says, he has no clue about it and he is saying, "May be landowner sold it to some one else also and he is one of the many owners list?" Not sure now what to do, we are panicked now.. Please help us now on whom to proceed legally with construction owner for cheating us or banks who have sanctioned loans after thorough background checking? what will happen to all of us who have bought flats in this apartment?
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1) you should make inquires with the bank seeking to auction the property
2) check the documents in possession with the bank for auction of your property
3)if the landowner has after sale of property to builder mortgaged the property to the bank then the landowner is at fault
4)whether mortgage of land was duly registered?
5) contact a local lawyer
6) you will have to file intervenor application in DRT for stay of the auction of your land on which building was constructed
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1.Without knowing the case details it is difficult to advise.
2.It looks like the landowner took loan on mortgage of this land and the bank on default has taken possession of ot and is going to auction it to recover money.
3.if that is so file a case for injunction beofre the Debt Recovery Tribunal.
4. if necessary go to high court. You will get proper relief.
The banks cannot be held fully liable for this debacle.
The bank managers might have been adjusted by the builder in his own terms and got the loans sanctioned, this may be by suppressing the material fact about the previous mortgage status of the property.
Thus you have to hold the builder or the person with whom you entered into sale agreement for purchasing this property.
The court may not come to yor rescue becasue ignorance of law on your part cannot be claimed as an excuse. You should have obtained legal opinion from your own lawyer before entering into the purchase agreement or obtaining loan.
You all can lodge a complaint against the builder with whom you have entered into the sale agreement for the offences of cheating.
You all may jointly file an injunction suit too seeking to restrain the bank from bringing this property into auction sale for the reasons that you may rely upon.
