Real Estate case in Tamil Nadu
This is a real estate case in Tamil Nadu. A builder purchased 25 acres of land from three persons in 2006 at a price of about Rs 52 lakhs. The builder and land onwner being the same person developed the property divdided into plots advertised for construction of about 350 independent houses with a gated community with attractive brochures and pamphlets indicating therein the promise relating to clear title, swiming pool and many other modern facilities. The promoter cum builder is a highly influential and dominating personality in the district.The response to the project was overwhelming.But just after flying start of the project in 2007 one Private Religious and Chartiable Trust claimed title to 15 acres of land wjhere the housing project was being implemented.. As a result some Banks stopped granting housing loan to the housing projects in the disputed land. However the builder offered a compromise package and agreed to pay a compenstion of Rs 1.25 crores to the trust besides entering into MoU offering 15 acres of land in some other place for relequishing the titles of the disputed land mentioned above. Based on the compromise propsal again some banks and FIs started gtrating housing loans to the investors in the disputed land for construction of houses in good faith. During the period between 2007 and 2010 about 150 units were sold out of which many were constructed with the assitance of bank loans besides a significant number of people were NRIs and from other districts who are natives to the district.When the project is proceeding in this manner after a period three years from the date of compromise the private relgious and charitable trust gone to the court for claiming back the disputed land mentioned above ostensibly due to breaking of compromise deal for the reasons best known to the builder and the trust. Surprisingly the builder cum developer also calling the position as infructious and made the compromise deal non operative and left the buyers of the property in the said diputed land in a lurch without valid title for the last eight years. Although the builder being in a dominant and in an influential position he has not taken constructive steps to get ttitle to the buyers knowing fully well that he has passed on to the defective title to the property. Instead he made investors as a party to his legal battle with the trust without furnishing full details of the case to us.. Kindly suggeat what legal and other options are available to the buyers of house against the builder in the situation given above.
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