Advise regarding open land purchase in bank of barodaauction
balakrishna
(Querist) 03 October 2017
This query is : Resolved
Hi Sir,
I am Planning to buy a property in Bank of Baroda auction which has been mortgaged by member Mr. Pannala Shekhar at 20-08-2009, and the original document of the site along with the most latest documents which are available at the Bank of Baroda, Jubilee Hills Branch and those I have verified these documents saying its in the name Mr. Pannala Sekhar and he has mortgaged this property for M/S Divya Sree Tin Containers at the date of 20-08-2009, also property record which is displaying in the EC as south 25 feet road, North Plot No 129, 130, and 131, East Plot 124, West Plot No 120 with ad measuring property 900 Squire Yards at Pasmamula Village, Hayath Nagar, Sub Registerer of Pedda Amberpet, Hyderabad,
So .. When we went to visit site along with bank inspection officer we realized few things by the officer.
We have understand that the property Mentioned boundaries are different from the actual which are visible in the EC.
The inspection officer shown us the property 900 Squire Yards with North 25 Feet wide road which actually in the EC is South 25 feet wide road.
when we inquire the property details with the some of the people around us at site location they are might be the real estate brokers they are saying that the actual initial plot owner was Mr. Rajaiah and he has sold property to Sathi reddy with out registering the site after that these two people has sold same property to different people like that conversation but we are really not sure about this words because they are real estate brokers I believe, [Please note that there is no construction which available in the land as such from the beginning ]
I thought bank has right to sell undertaken property from the individual by verifying the past investigation but here the scenario is road which is showing in EC is in South they and the actual property road facing is in the North also shown by the bank inspection officer.
Later on I have approached bank for the boundaries and the land facing issue, They have given clarification with rectification deed which executed by the Vendors GPA holder with north facing road.
and after that I have participated the auction and won the bid, when I am trying to pay 25% amount after the bid I did some investigation about the land which showing multiple registrations with different parties before bank mortagage then I have approached to Local MRO office and verified the property Polio Pahani Nakal,
which is saying there are two survey numbers are in the actual person who has sold to the party (Mr. Pannala Shekar) and other one is in with different name.
I have shown the obligation for the clarification from the bank and I did not paid the remaining 25% money to the bank.
Now I would need a clear clarification about the property here is, if I buy this property from the bank auction, Will the bank has the total right on this property for selling to me as concerned with above points, Kindly help me to get in to this transaction with securing my money.
Thanks in Advance,
Awaiting for your valuable advise,
Balakrishna Guntoju,
Contact : 9008344034
Rajendra K Goyal
(Expert) 03 October 2017
Before proceeding get all the documents scrutinized by your lawyer with last 30 years title search report.
It would not be wise to invest such investment in case any defect in title exists.
Kumar Doab
(Expert) 03 October 2017
Agreeing with Mr. Rajendra K Goyal;
'Buyer Beware' applies to property deals.
It shall be appropriate to get proper legal opinion from a very able local senior counsel of unshakable repute and integrity specializing in revenue/property/civil matters before signing or making payment.
This may cost some FEE but can defend long term interest and hard earned monies.
Bhaskaran Advocate
(Expert) 04 October 2017
There are fraudulent Bank officials who sometime disburse loans on properties with some forged documents. Later it will be found that the actual owner was someone else.
If you contact a DRT lawyer not a civil lawyer you might be able to find that already some objections on the e-auction could be going on.
balakrishna
(Querist) 30 October 2017
thank you all for your valuable suggestions
Kumar Doab
(Expert) 01 November 2017
Agreeing with Mr. D.Bhaskaran............
'Buyer Beware' applies to property deals.
It shall be appropriate to get proper legal opinion from a very able local senior counsel of unshakable repute and integrity specializing in revenue/property/civil/DRT matters before signing or making payment.
This may cost some FEE but can defend long term interest and hard earned monies.
Kumar Doab
(Expert) 01 November 2017
You are welcome..............
