NIMIT MUNDHRA (Article) 26 July 2013
Dear Experts,
I have taken a shop in a building on ownership basis. I have taken the registry too. I have mortgaged that shop with HDFC Bank and got the sanction of loan. I have come to know from some sources that the builder has kept the land deeds and documents with some other bank for a loan in another business of his.
Does this amount to fraud? Are there any criminal consequences of such act if i complain?
Urgent Reply needed.
2BHelpfull (Other) 26 July 2013
NO,
builder must have kept the plot of Land.
and u have kept mortage a space in a building.
plot and building r different.
in default by builder ,right of builder bank will be on the plot of land AND NOT ON THE BUILDING CONSTRUCTED ON IT.
NIMIT MUNDHRA (Article) 27 July 2013
Sorry cudn't get you.. Kindly elaborate.
Builder has constructed a building on the land. Almost all spaces are sold on ownership. The shops which are still with the promoters are worth only 10 lacs and they have taken a loan of 1 crore by mortgaging them. The characteristics of the land have therefore changed and building has been constructed on it and in which the builder has no right of ownership.
So how can he keep that whole land as security?
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