Hello,
I purchased a residential apartment from Orbit Corporation Limited in Dec 2009. The apartment was supposed to be delivered in Dec 2012 but has been delayed for several reasons - lack of funds and regulatory approvals. My purchase was without an agreement and I only possess an allotment letter issued by the developer - note I have till date paid upto 75% of the consideration amount. We did not enter into an agreement as my intention was to always sell the apartment. Currently the project is just 60% complete. In the meantime, Orbit has defaulted on its loans to a financial instutiton which provided funding for this particular project. The underlying land was mortgaged to LIC HF and LIC HF has attached the property under SARFAESI. Alongwith the land, the lending institution has also attached several apartments which were mortgaged by the developer to the institution as security. My apartment is under the excluded list and does not form part of the security arrangement between the lending institution and the developer.
Under these circumstances and in context of the specifics of my purchase, I need to now if I can take any action against the developer in order to secure my legal rights to the apartment. What are the options available to me? I need to ensure that my legal rights are protected if the lending institution, LICHF is to auction off the project. Appreciate you guidance.
MS
