Beware of Apartments on Encroached Land!

product

One of the leading developers announced the development of “an exclusive community offering luxury sky villas to cater to the elite” in an upcoming locality in Bangalore. The proposed project was designed as six imposing tower blocks that offered a panoramic view of the City. As a well-known builder was developing the project, around 200 plus “high net individuals” invested their savings in this project. The plans had received sanction approvals from the City Authorities. The Project was almost completed and many of the apartment owners had started the interior works, when the Government swooped down to claim the property.

According to their reports, the Government had acquired and leased the land to a party for industrial purpose with the aim of generating employment for the local people. The residential apartments that were built on the plot of land was therefore in violation of the City laws and were deemed illegal as they encroached on Government land. Further investigations seemed to point to the fact that the developers had misrepresented the facts before the sanctioning authorities and obtained permission to develop the project.

When the panicked buyers approached the developers, the developers tried to assure them that they planned to file an appeal with the higher court and that the verdict would be in their favor. Unfortunately, the case is now embroiled in the courts and has left the buyers uncertain about their investments.

HAD THE BUYERS BEEN ATTENTIVE AND CONDUCTED A DUE DILLIGENCE INTO THE TITLES AND THE COMPLIANCE, BEFORE INVESTING THEY WOULD NOT HAVE LANDED IN THIS SITUATION…

Related Posts

Beware of Apartments on Encroached Land!

One of the leading developers announced the development of “an exclusive community offering luxury sky villas to cater to the...Read More

Arm yourself Against Encroachments!

Senior residents of an upscale apartment complex in Hebbal woke up to a rude shock… The demolition crew was at...Read More

Do not get fooled by Celebrity Brand Ambassadors!

Mr. Acharya was about to retire from his job after working for an Engineering Firm for almost three decades. They...Read More