Custody of redelopment agreement bw builder and society
SANTTHOSH SHETTY
(Querist) 17 July 2018
This query is : Resolved
Dear Experts, our building got redeveloped as per the redevelopment agreement signed in june 2011 and builder given incomplete docs handover and building not as per the approved plan in march 2016. we sent many notice and letters to builder to handover the original redevelopment agreement and to complete the pending issues. but toll date he didnot revert to any of the letters. but now we came to know from our source that, builder took loan of 2cr from pnb in jan 2016 by submitted original redevelopment agreement to bank and mortgaging flat no 602 and 102 which are unsold.
is this valid as bank crated mortgage on the above flats without society noc?
does this a valid mortgage of property without having individual title deed of the flats of 102 and 602?
does only registered mortgage deed execution between bank and builder is valid for such mortgage creation on the flat no 102 and 602?
can society lien mark the above flat based on the banks request now?
Kishor Mehta
(Expert) 18 July 2018
(1) Usually a copy of the redevelopment agreement is always with all the parties to the agreement. (2) The unsold flats are the property of the builder and he has the right to mortgage the same, (3) As a usual practice a bank does not sanction a loan in a CHS flat without an NOC from the Society, you should make sure whether your Society is registered and a Conveyance of the plot is duly given.
Kishor Mehta
(Expert) 18 July 2018
(1) Usually a copy of the redevelopment agreement is always with all the parties to the agreement. (2) The unsold flats are the property of the builder and he has the right to mortgage the same, (3) As a usual practice a bank does not sanction a loan in a CHS flat without an NOC from the Society, you should make sure whether your Society is registered and a Conveyance of the plot is duly given.
SANTTHOSH SHETTY
(Querist) 18 July 2018
Dear Sir,
thank you for your quick response. the society was registered in 1984 and same soceity was to continue as per the redevelopment agreement. but when the builder given partial documents with the statement of loans running in the flats, he excluded the 602 and 102 flat in the list as mortgage was created in jan 2016 and partial document handover given on march 2016. society conveyance is given which is in the name of society.
can society create a lien marking now based on banks request.
Kishor Mehta
(Expert) 19 July 2018
If the relevant flats stand in the name of the builder, the Society can give an NOC on receiving specific written request from the Bank.
Kishor Mehta
(Expert) 19 July 2018
After redevelopment new members have to be admitted and share certificates to be issued.
SANTTHOSH SHETTY
(Querist) 19 July 2018
dear sir more to eloberate the matter builder took loan in jan 2016 by depositing original redelopement agreement of entire building with PNB where there is no specific flat mentioned in agreement like 602 and 102. however he sold both the flats without closing the loans in oct 2017. when society came to know the fact, society writern letter to PNB in jan 2018 about the sale and mortgage of flats. hence how they are requesting us to mark the lien on both the flats. hence my question is who should possess the original redevelopment agreement. with such fraud, tomorrow builder may do things with bribing bank employees of other flats as well. kindly advice here.
Dr J C Vashista
(Expert) 20 July 2018
Some vital information is concealed by the author.
However, I agree and appreciate the analyses and advise of expert Mr. Kishor Mehta wherein unsold/ residual flats are the property of the builder, which can be mortgaged by him.
Consult a local prudent lawyer with relevant copies of the documents, redevelopment plan etc. for better appreciation of facts, analyse, guide and proceed against the concerned persons/parties.
