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krishna mohan (Relationship Manager)     21 August 2009

Purchase of Property in auction

Dear Sir,

I have purchased a flat from a bank in auction dated 13-3-2008 and notification dated 7-3-2008 on as is where is condition. but after payment of 25% of value the bid was confirmed on my name.

but the bank did not informed that mucipal corporation will not give BPS clearance to the said property.

and given a notice that to pay the remaining money or else the token advance will be forfeited. So, can u suggest me weather i will get my money or not.

regards,

Mohan.

 



 3 Replies

Rama chary Rachakonda (Secunderabad/Highcourt practice watsapp no.9989324294 )     21 August 2009

Mr. Krishna,

very simple.  Pay the remaining 75% money and get the clearance certificate from the bankers. On the basis of bankers certificate will give u BPS certificate from municipal authorities.

A.K.D Sayare (Advocate)     21 August 2009

If you have bid for the property on "as is where is basis" then it is implied that you have taken the risk of on as is where is basis. law will assume that you have taken all due care before bidding for the property.

if you dont pay the rest of money with in the period, as specified in the contract, Bank can forefited your 25% of deposit.   

therefore as Ld. friend Sh. Ramachary said pay the balance money.

krishna mohan (Relationship Manager)     21 August 2009

Dear Sir,

The building contains total 25 flats, in that 3 to 4 people paid entire amount, but till now they did not registered the flats to the owners. Because part of the building will be demolished due to road extention purpose based on master plan. And Muncipal authorities had send a letter regarding this to the perticular bank mentioning that they will not approve BPS for the said building based on the above reason and they also mentioned that plan is also not approved. And the same has been send to the bank on dt: 29-01-08.

And the bank did not said about this and given  auction notice on 07-03-08 and conducted auction on 13-03-08.

Regards,

Krishna Mohan

 


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