• Case of shukan orchid chandkheda..

I had booked flat in Shukan orchid, ahmedabad in july,2010 & gave 2 lac rupees via cheques as part payment. I had a title report with certificate in Dec,2010 which is clear. Then, i made remaining payment via different cheques in last quarter of 2013 and done agreement. I was given possession at the same time. Electricity bill, Gas Bill, Municipality tax bills are in my name.

Now  In April,2014, I received a notice from SBI mentioning that Builder had taken loan of 13 cr in may 2011, & aggregate o/s is 4.32 cr. Notice says  "Builder has not obtained any NOC from SBI & under saction 13(4) bank has taken possesion of the property constructively. The bank further taken steps for recovery of its dues as per SARFAESI act."

My question is,
1) when i booked flat, title report is clear. Then how can buyer come to know that builder had taken loan from any bank (even after selling flat) and buyer has to obtain NOC? Is there any need to obtain NOC from bank?

2) SBI had never put a board onsite mentioning that builder had taken loan. Isn't it a Bank's fault?

3) Why SBI had opened CC A/C not Escrow A/C?

4) My all cheques are deposited in that CC a/c only. If you divide total loan amount per flat, it comes to 9.28 lac. I have already paid double than that in that account.

5) on which basis SBI had given final NOC to 37 members?

6) Mid of jan 2014,SBI had given notice that builder has defaulted. But still flats had been given NOC from SBI & registration had been done by builder. how?

 7) as per the record of sub registrar another land is also morgaged for this loan. Then, why SBI is not recovering money from that?

8) Isn't it a only issue between SBI & builder?

9) One member had taken loan from HDFC. If he stops his repayment, HDFC will sue against him as HDFC has given loan to that person morgaging that flat. HDFC will not sue against builder................on the reverse side..........builder had taken loan morgaging same flat & given possession to buyer after taking payment..then how can SBI recover (if builder defaulted) from owner rather than builder? SBI had given loan to builder not to owner.
Asked 3 years ago in Property Law from Ahmedabad, Gujarat

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