Resale Apartments and Resale sites – is it safe? Maja Talkies apartment stories!!!


There are many apartments which are for resale, financed by Banks and marketed on internet and through agents.

The buyers of properties are under MISCONCEPTION that the titles are good and there is no need to check the titles and buy it without proper and due diligent scrutiny.

Some financial institutions, learning upon the defaulting borrower, immediately initiates the recovery proceedings and in some cases, upon the information about the illegality or the irregularity or violation, both the lender and borrower, begin the MARKETING PROCESS through agents and internet.  In majority of the cases, the bank does not offer HOME LOAN.  The agent ( in connection with the bank ) locates another bank or financial institution to fund the purchase of such properties.  BE CAREFUL.

is not better to conduct a thorough enquiry into the titles and the compliance before the purchase of such properties?

In one case, in Koramangala, the seller borrowed money from a Bank and deliberately defaulted and the prime property was attached and put into auction.  A NRI contested the bid and won the bid.  He paid the bid amount to the bank and acquired the property.  Immediately upon the purchase, offered to sell the property, stating that the property was bought in the auction.  The buyers believed it and paid money at bought the property.

The true story is different.

The land or property in question was a land acquired by BDA long back and could not develop a portion of the property and was left as it is.  The land mafia, created fake documents in the name of ( old madiwala organisation Katha) and sold the property to one of the buyer, who borrowed the money from the bank, with an intention to cheat and deliberately became a defaulter.  The NRI, bought and sold the same property.

TODAY, AN HOUSING COMPLEX (APARTMENT) IS SEEN. 

REGISTRATION VALUE OR THE GUIDANCE VALUE OF THE PROPERTIES REGISTERED – TAX EVASION – PENALTIES – TAX EVADERS GOT RED HANDED – RBI -INCOME TAX DEPARTMENT – STAMPS AND REGISTRATION DEPARTMENT – STAMP DUTY EVASION – PENALTY – 10 TIMES THE TAXES EVADED


In a bid to reduce or evade the stamp duty at the time of registration, the buyers and the sellers of the properties, have not SHOWN  the real sale price or consideration in the registered sale deed, but 90% of the buyers have borrowed money or availed institutional finance under HOME LOAN scheme, have falsified or deliberately undervalued the properties during the REGISTRATION PROCESS.

The Reserve Bank of India, being the central bank, governing all the banks in India, has all the details about the SALE AGREEMENT,(based on the sale agreement, the housing loans are sanctioned by the banks) and the SALE DEED.  It is very easy to detect the discrepancy or the undervaluation.

STAMP DUTY evasion invites 10 times the penalty of the STAMP DUTY EVADED, while, misrepresenting or concealing the actual consideration will invite CHARGES under several ACTS.

The Income Tax department has detected many such illegal transactions and are investigating too many such cases across the country and it is reported that over 30% of such tax evasion, misrepresentation and tax evasion are all in properties across BANGALORE alone.

Await the Tax Sleuths at your door steps soon for those who have different values in the SALE AGREEMENT and registered the property for LESSER VALUE in the SALE DEED.

BDA-WARNING NOTICE – SALE OF PROPERTY IN HAL LAYOUT


 

bda-ad-illegal transaction-bda-hal-sale-warning

DURING THE COURSE OF OUR VERIFICATION, WE HAVE FOUND OUT MANY SUCH DIFFERENT SCAMS AND CHEATING CASES WITH CLEAR INVOLVEMENT OF MANY FINANCIAL INSTITUTIONS. BBMP, IN MANY CASES HAD ISSUED KATHAS FOR SUCH PROPERTIES. THESE TYPES OF ILLEGAL PROPERTIES EXISTS AND BEING TRANSACTED AND REGISTERED.

THE MODUS OPERANDI IS AS UNDER:

THE BUYER APPROACHES A BANK FOR HOME LOAN, THE (FRAUD)BANK SANCTIONS THE LOAN AND THE BORROWER WILLFULLY DEFAULTS THE REPAYMENT OF LOAN. THE BANK ATTACHES THE PROPERTY AND CONDUCT A PUBLIC OR E-AUCTION. THE FOOLISH BIDDER, WITHOUT VERIFYING THE TITLES SUCCESSFULLY BIDS AND BUY THE PROPERTY.

IN A HIGH PROFILE CASE AT A POSH LOCATION IN KORAMANGALA, A NRI (KNOWS ABOUT THE ILLEGALITY AND FAKE DOCUMENTS), HAS BOUGHT A PROPERTY IN PUBLIC AUCTION BY (THIS BANK SANCTIONS ALL KINDS OF LOAN AND MOST OF IT FOR ILLEGAL AND UNAUTHORISED BUILDINGS ONLY) XXXX BANK, THOUGH THE TITLES ARE NOT GOOD AND THE NOTORIOUS NRI DELIBERATELY BOUGHT AND WAS TRYING TO SELL AND BY THIS TIME, HE WOULD HAVE SOLD AND REPATRIATED THE AMOUNT TO U.S.A.

WE ADVISED OUR CLIENT AGAINST BUYING AND SUBMITTED HIM THE SUPPORTING DOCUMENTS, THE NOTORIOUS NRI CLAIMED THAT THE TITLES ARE GOOD AND DISAPPEARED.

IN ANOTHER NOTORIOUS INCIDENT, LAST MONTH, A LEADING BANK, ADVERTISED E-AUCTION IN THE NEWS PAPERS ABOUT AN APARTMENT IN AN APARTMENT BLOCK, WHICH WAS ACQUIRED BY BDA AND THE FINAL NOTIFICATION WAS COMPLETED AND WAS NOT DENOTIFIED EVEN UNDER THE RE-DO SCHEME, AT RACHENAHALLY VILLAGE, BANGALORE EAST TALUK.

A COMPLAINT WAS LODGED WITH THE BANK AND THE BDA.

IN ANOTHER CASE, AT HRBR LAYOUT, XXXXXXXXXXXXXXXXX BANK HAD SANCTIONED RS60,00,000/- HOME LOAN, THE BUYER IS ANOTHER NRI, TRIED TO SELL WELL BUILT RESIDENTIAL PROPERTY WITH BBMP KATHA, THROUGH A GPA, IT WAS ACQUIRED BY BDA LONG BACK BY BDA. AFTER SEVERAL YEARS, THE BDA BROUGHT THE BULLDOZER TO DEMOLISH, THEN THE BUYER WOKE UP AND FIGHTING A LOOSING BATTLE WITH BDA. THE SELLER HAS EASILY POCKETED THE MONEY.

WE ADVISED OUR CLIENT AGAINST BUYING AND SUBMITTED THE SUPPORTING DOCUMENTS.