Manish Garg (ITA) 23 November 2024

Flat purchased under sarfaesi act but builder denying allotment transfer

Hi, I have purchased one flat at Gurgaon from bank under sarfaesi auction conducted and bank issued sale certificate to me. I visited buider to transfer the flat in my name but he is not responding. Other details are :

Bank has physical possesion order from court
The borrower has not made complete payment to builder
Builder has filed Securitisation application with DRT against bank to cliam possesion of property and that is not disposed off yet.

How can i get this allotment transfer and then conveyance deed done in my name from builder? Please sugegst

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4 Replies

T. Kalaiselvan, Advocate (Advocate) 23 November 2024

As the bank is reported to have physical possession of the property, the bank only has to handover possession of the property including execution of registered sale deed in your name since you have bought the property by auction sale.

You can approach bank.

kavksatyanarayana (subregistrar/supdt.(retired)) 23 November 2024

Yes. I agree with the advice of the above learned expert.

Dr. J C Vashista (Advocate ) 24 November 2024

The bank is well within its legal right to conduct auction and duty bound to handover possession to auction purchaser untill there is any stay on the order on handing over possession.

Anshuman Singh (AOR - High Court of Patna) 24 November 2024

Hi,

I understand your situation with the flat purchase under the SARFAESI Act and the builder's denial of transfer. Since the bank has issued a sale certificate and holds physical possession, you have a strong legal standing. However, with the builder filing a case in DRT, the process might require some additional steps to resolve.

Please feel free to reach out to me at contact@advanshumansingh.com, and we can explore the best legal approach to get the allotment transferred and the conveyance deed executed in your favor.

Looking forward to assisting you.