(Guest)

Issue with builder - loan on flats

hello,
we purchased a flat in a community that has 150 flats -
as we understand - there were yet 29 flats that we yet to be sold -

we came to know that the builder is trying to take some finance out of these 29 flats that are yet to be sold -
does the builder has the right to do this without the permission of the other owners of the flat -
in this case, what kind of problem will it cause for the owners of the flat when they try to resell their flats-

will the financial obligation that the builder has on the 29 flats shows up in the EC - or is the above normal with other builders -

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3 Replies

Dr. MPS RAMANI Ph.D.[Tech.] (Scientist/Engineer) 22 July 2014

In which State is this case?

(Guest)

tamilnadu..

Dr. MPS RAMANI Ph.D.[Tech.] (Scientist/Engineer) 06 April 2015

You are replying after 8 months. Has there been no developments in these 8 months? Are the 29 flats integral with the 150 flats? I mean that if an Association is formed will it be necessary to include those 29 flats also. Has any Association been formed with or without those 29 flats? In Maharashtra, in a situation like yours, it is compulsory to form an Association with the builder also as a member. If an association is formed, depending upon the type of association it may be necessary to get permission of the Association if any member wants to mortgage his flat. This is all I can say based on the information which you have furnished.