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.