I own a 3BHK flat in Bangalore that was built by a private builder who has gone absconding because of his financial problems. I have been living in this apartment for > 2 years now and have been property taxes regularly. The builder had constructed this under a joint development agreement with a bunch of landlords. Recently some of the landlords approached me claiming that the flat was actually allotted to them. I got some supplementary agreements from them where I do see that the flats are mentioned as belonging to the landlord.
So, it appears that the builder has violated his prior agreement with the landlords and sold the flat off to me. I have a home loan with a leading private bank.
The landlords have not gone legal yet, but if they do, what are my options? Am I bound to continue paying EMIs to the bank? Should the bank have done their verification as well?
Any advice will be greatly appreciated.
