• Equitable mortgage creation

I have nursery school property allotted by HSIIDC. The property address as captured in allotment letter, sale deed and conveyance deed is - Nursery school site, sec 1, IMT Manesar, Gurgaon, Haryana. No property no is allotted for this particular property. 

In this layout plan of sec 1, Manesar as updated by HSIIDC in their website also the property is alloted without the property no. As per HSIIDC policy , this is a specialized property with specific usage and only one such property is allotted in the entire sec and as such no property no is allotted as per HSIIDC guidelines. 

How can we create equitable mortgage without property Number . Bank Asking Property No to create Equitable Mortgage . Kindly suggest .
Asked 3 months ago in Property Law
Religion: Hindu

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9 Answers

Talk with bank if they agree to accept affidavit in this regard where you can state and affirm the facts and circumstances with reference to HSIIDC Guidelines. 

If it does not work you have to move to court seeking necessary directions in this regard to both HSIiDC and bank. 

Kallol Majumdar
Advocate, Kolkata
2792 Answers
4 Consultations

5.0 on 5.0

Make application to HSIIDC to allot property number for nursery school site as bank is insisting on property number for creating equitable mortgage 

 

2) if you have sale deed and other documents for nursery site you have clear and marketable title to property 

Ajay Sethi
Advocate, Mumbai
80471 Answers
4927 Consultations

5.0 on 5.0

Since you have the details confirming that this property is a specialized property and only one of that kind,  hence the property number is not allotted to this property,  you may give the same as a reason in the form of an affidavit with supporting documents to prove your statement. 

T Kalaiselvan
Advocate, Vellore
70524 Answers
985 Consultations

5.0 on 5.0

It is advisable for you to place an application for removing details of the plot from HSIIDC giving the reasons as mentioned above in your query and send a copy  of the said application to the bank as well to show your bonafide.

Pooja Ashar
Advocate, Ahmedabad
171 Answers
1 Consultation

5.0 on 5.0

Only the local authority  which collects property tax can allot such number.

if it is not then filing a writ petition remains the option. 

Devajyoti Barman
Advocate, Kolkata
21978 Answers
325 Consultations

5.0 on 5.0

Deposit the original title deed of the school and  if you go through the contents of the sale deed prior permission to mortgage is required from  HSIIDC .  You may also seek advise regarding number of plot from HSIIDC

Dalip Singh
Advocate, New Delhi
861 Answers
14 Consultations

5.0 on 5.0

You will require the property no. Otherwise the affidavit to that effect why the said property no can't be given

Prashant Nayak
Advocate, Mumbai
22962 Answers
49 Consultations

4.4 on 5.0

- You can move an application before the said HSIIDC for the same , and to apply before the competent authority to get the Property number . 

- If no response, then file a suit before the court . 

Mohammed Shahzad
Advocate, Delhi
5910 Answers
60 Consultations

5.0 on 5.0

1. Show the Bank the HSIIDC policy stating that this is a specialized property with specific usage and only one such property is allotted in the entire sec and as such no property no is allotted as per HSIIDC guidelines.

 

2. Equitable mortgage is created  by depositing the original title deed to enable the lending Bank to sell of the said property by initiating SARFAESI Proceedings, in case the Borrower fails to repay the loan.

 

3. In the instant case, the purchaser of the property will have to use it for running the Nursery School only as mentioned in the title deed for which the lending bank might show disinterest in mortgaging the said property.

Krishna Kishore Ganguly
Advocate, Kolkata
25047 Answers
722 Consultations

5.0 on 5.0

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