Ready forr possession
Kishor
(Querist) 26 February 2017
This query is : Resolved
A builder had promised two lifts in his residential flats' 10 storey building. X booked a flat and he was granted a loan for purchase of that flat. Flat was ready in time , but only one lift was ready and second lift was to be ready after six months.Builder submitted to Banker of X " READY POSSESSION CERTIFICATE " , for drawing last installment due to X, and demanded margin money, on that last installment, from X.
Should Bank accept from builder " READY POSSESSION CERTIFICATE " without checking availability of second lift ?
In other words, should not a flat be considered " NOT READY FOR POSSESSION" if all lifts promised are not operational ?
Adv. Yogen Kakade
(Expert) 26 February 2017
From the details mentioned by you it is clear that the construction can not be called as completed. The completion certificate has to be issued by the municipal authority after proper inspection. Before the completion certificate, the possession is illegal.
Adv. Yogen Kakade
Jurycon Incorporation
Advocates & Consultants
Email: juryconincorporation@gmail.com
Web: www.juryconn.in Call: 020-65248888 / 09225510883
Kumar Doab
(Expert) 26 February 2017
You have posted that:
“Should Bank accept from builder " READY POSSESSION CERTIFICATE " without checking availability of second lift ?”
Would like to understand:
Why Bank should accept such certificate from builder!
Adv. Yogen Kakade
(Expert) 27 February 2017
The ready possession certificate issued by the builder has no legal value.
Kumar Doab
(Expert) 27 February 2017
You may carefully go thru the clarification by Mr. Yogen Kakade.
