Monique (Analyst) 01 November 2011

Clarification about property needed

Hello,

I bought a property in Bangalore in 2009 and took loan from one of the Public sector banks. Now I want to sell the property and approached the same bank along with the buyer. The legal report was fine but the valuer report is negative. I got to know from the Bank that there is no sanction plan for the floor that I live and hence the valuer has marked it negative. What can I do now? I just got to know about this fact now the builder never informed me when I bought this property. I'm wondering how did the bank approve the loan for the first time and if they did then they should also clear it now. The legal opinion states that even if there is no sacntion plan the property is assesssed and regularised since I have a valid A Khata and taxes paid up to date. I spoke to the lawyer and they said there is no problem with the property.

Any advice what i should do now?

Thanks,

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1 Replies

sridhar pasumarthy (ADVOCATE) 01 November 2011

Dear Monique,

Your case is not a peculiar one. This problem is being faced by many people, now a days. Your recourse is u can prosecute your vendor for cheating etc. on criminal side. Simultaneously, you can file a suit against your seller/vendor refund of the amount with interest. You can also pursue ur remedy before the concerned consumer forum.

Another option is u can file an application for regularisation by paying penalty, if any scheme is in vogue in your state.

Anyway, u have a good case against ur seller.