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Author Topic: Double registration of flat by builder, I have 2nd registration  (Read 273 times)

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Offline bhuvan007

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Hello All, Need you urgent help in below matter. Actually I bought an under construction flat (90 % completed)  in Mira Bhayander, Thane around 2.5 years back, from a seller (Mr. Y) who had registered agreement with Builder.
I have loan on the property and paying regular EMIs (100 % loan disbursement done). The building has delayed possession since long and we have still not got the possession. 
Last week I came to know that the builder is fraud and have sold single flat to multiple buyers. In my case, the builder first sold the flat to Mr. X Investor, who has registered agreement. Builder again sold the same flat to Mr. Y. I bought the flat from Mr. Y, but Mr. X has done property registration prior to Mr. Y.
I have invested all my earnings in this property and builder cheated us. Builder is saying since long that he will settle the matter and he did this by mistake as he needed the money desperately.
Request someone to please guide me on below queries and best approach here. Please guide me on below queries:

1. Isn't the Bank equally responsible as they didn't do proper background-check of the property before granting me loan, I have letter from Bank that they got verified from Law firm and the property title is clear.
2. Should I inform the Bank that property is in dispute now?
3. What will be the consequences of informing bank?
4. Since as per registration, I am the 2nd buyer, will the bank be able to seal the property and recover their money incase I stop paying my EMIs
5. Should I stop paying EMIs.
6. Who is responsible here and what options I have, as every month I am paying the EMIs even though now I am the 2nd owner of the flat.
7. Who will get the possession once the flat is ready
Please share your guidance asap.
Thanks in Advance

Offline adv.amarnath

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Re: Double registration of flat by builder, I have 2nd registration
« Reply #1 on: March 12, 2017, 01:32:53 AM »
1. Isn't the Bank equally responsible as they didn't do proper background-check of the property before granting me loan, I have letter from Bank that they got verified from Law firm and the property title is clear.
Ans: No, Bank only verifies whether the property has any existence or not.

2. Should I inform the Bank that property is in dispute now?
Ans: It is your choice

3. What will be the consequences of informing bank?
Ans: Bank is the best person to answer this question

4. Since as per registration, I am the 2nd buyer, will the bank be able to seal the property and recover their money incase I stop paying my EMIs
Ans: It is bank headache. but your name will be listed in CIBIL.

5. Should I stop paying EMIs.
Ans: I cannot answer in the open forum

6. Who is responsible here and what options I have, as every month I am paying the EMIs even though now I am the 2nd owner of the flat.
Ans: Laches in your side as you have to made any due diligence in respect of flat which you proposed to purchase.

7. Who will get the possession once the flat is ready
Ans: Against whom the possession letter will be issued by the Developer/ promoter.

You have a good consumer case and you should immediately take initiate of same. For further consultation in details you can contact me
Regards,

Amarnath Sanyal
Advocate
Email - adv.amarnath.sanyal@gmail.com
Mob - 09830303322

 

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