The turmoil in NE which is now fast spreading in to other areas, has few lessons;

1. A real buyer books a flat with complete trust on the builder. No one bothers to check ownership of land. Now that this fiasco has come up, most of us even do not know if our builder has proper registry, in which village the project falls etc...

2. Banks are another crocks....they approved the projects blindly giving us false feeling of every thing being all right. The buyers should file criminal cases against authority/ builders/ banks for cheating and fraud. Every one should refuse to repay the loan and interest.
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  • Dear,
    Rightly said. Banks are one of the major culprits.They would have cleared the air if their employees had digged out the information correctly.
    Well,although fingers crossed but if any thing happens wrong i.e against the interst of the buyer then we can certainly file the case against the banks in HC.This is for what they charge so called "PROCESSING FEES"....
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  • Originally Posted by VKinNCR
    The turmoil in NE which is now fast spreading in to other areas, has few lessons;

    1. A real buyer books a flat with complete trust on the builder. No one bothers to check ownership of land. Now that this fiasco has come up, most of us even do not know if our builder has proper registry, in which village the project falls etc...

    2. Banks are another crocks....they approved the projects blindly giving us false feeling of every thing being all right. The buyers should file criminal cases against authority/ builders/ banks for cheating and fraud. Every one should refuse to repay the loan and interest.


    You are bang on target about the Banks.

    If you have availed a loan from the Bank, you must have paid a processing fees of anything from 5K to 20K. Among other things this fee includes the cost of 'legal assessment' of the property. Any bank in India will not advance a loan without a lawyers report. The Bank might not have shared the Lawyers report with you, but it would be there with the bank in your loan file. You can at any time request the bank for a copy of this report.

    And once you have the report you should file a legal cases against both the Bank and the Lawyer. I am not sure about the Act's or Rules under which you can file this case, as I am not from a legal background, so wont comment on that aspect. But the basic fact is that you paid them to assess the legal ownership of the property you invested your money in and they did not do their jobs properly. Or if they knowingly misled you into investing in NE, they (bank) should be liable to pay you damages along with returning the money you invested (down payment). Once again I am not a legal expert, so please check with a lawyer, whether this line of argument would be tenable in a court of law.

    If you intend to buy a property in future, do not rely on anyone and hire a lawyer who would work just for you. They usually charge 5 to 20K and for a 'Title Report'. The lawyer would basically go into the land records of last 30 years and advice you on stuff like:

    Whether the seller is the rightful owner of the land?
    Are there any restrictions on the use of land?
    Are there any dues or liens on the property?

    I wont say that a lawyer would have been able to predict what has happened in NE; but its better to take as much precaution as possible before investing lakhs of rupees, your hard earned money.

    There are thousands of property cases going on in Indian courts, where the buyers were not aware about the disputed ownership of the properties they were buying. They get struck in the legal system for decades and in many cases do not live to see the outcome of their cases.

    Investors in NE will get relief, sooner than later, because it has caught national attention and is making news. More than 1 lakh people are affected and politicians are getting involved, no one can leave NE in the current status.

    No one and nothing can give you 100% guarantee with respect to safety and security of your investment. But if this expenditure of 5,000 to 20,000 can help you identify and prevent you from investing in disputed properties, lets say in 80% cases, I would say its worth it. :bab (38):
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  • As per RBI guide Lines, Anyone can file the case
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  • Originally Posted by StudRawk
    ........Federal Reserve Board...... Fair Housing Act .............Department of Housing and Urban Development.


    Please do not copy-paste legal advice from US based websites. Their legal system and framework are very different from ours.
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  • Originally Posted by king_jsr
    .


    Oh, i just copied in hurry to help them. I have edited them.

    Thanks anyways :)
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