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Saturday, September 19, 2009

Builders must make a public disclosure of the land mortgaged to banks - RBI cracks whip

Builders should reveal land mortgaged to banks in advertisements, brochures and pamphlets of their housing projects

Developers generally mortgage their land to banks to get construction loans. Many consumers are not aware of this when they book flats in such projects.

If the builder defaults in repaying the loan to the bank after the flats are sold and building occupied, the bank could take over a portion of, say a garden plot, in the housing society. The society may also find it difficult to get the land conveyed in its name. However, the bank is not entitled to attach a flat already sold by the builder.
To read more, please, visit - RBI cracks whip on builders

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