My builder has obtained project loan from a nationalized bank (BOI) by performing Memorandum of Title deposits of the entire project U.D.S. which is around 70 cents. Individual flat owners U.D.S registration can be done only if BOI gives NOC against deposit of their allocated U.D.S amount in to their ESCROW account. Builder has not obtained NOC for many flats without informing this agreement as many buyers bought by cash and some took loan from other banks.He registered UDS on individual flat owners names without depositing our UDS amount into BOI's ESCROW account and has diverted for construction purpose. No BOI is asking to produce NOC if not they are advising to pay UDS amount into their ESCROW account. Why should we pay for same UDS two times? Builder is bankrupt now and has not finished many promised amenities and in turn asking to pay for UDS-NOC to safe guard property. All ready we are paying huge EMI's. How to prove that builder is at fault and advice BOI to recover that money from promoter? Please advice!
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1) file complaint of cheating , criminal breach of trust against builder under section 406 , 420 of IPC
2) builder ought to have deposited UDS amount on sale of flat into BOI escrow account
3) if builder has failed to do so then BOI can sue the builder to recover the amount
4) you do not have clear and marketable title to property as no NOC was obtained from BOI and flats were subject to mortgage
Since NOC has not been obtained from BOI and the flats were subject to mortgage therefore you do not have clear and marketable title to the said property.
Also it was incumbent upon the builder to deposit the UDS amount on account of sale in the BOI ESCROW account, failing so the BOI has right to sue the builder. You may by means of a letter intimate the same to the BOI.
You may also proceed and file a criminal case against the builder for cheating.
Regards
Hi, it is advisable to prepare a memorandum of allotees and file a case directly with National consumer forum, Delhi ..
The amount toward UDS to be deposited into the BOI account is as per the agreement between the builder and the bank.
No doubt the builder should have intimated about this to the purchasers but he failed to so and also it becomes the duty of the buyers to verify all the details before entering into the sale agreement
This is the result of the buyer's ignorance towards obtaining legal opinion before buying the property
If you have to safeguard the UDS then yo all hav to comply with the said procedure and initiate recovery from the builder through your own sources.
You cannot refuse to pay the bank for the reasons that the bank is empowered to initiate legal steps for recovery in this regard as per provisions of law.
