Saturday, January 29, 2011

How do I buy a property in bank auctions in India?

I was the highest bidder of an auction for a residential land held by an Indian bank. As per the bank they will issue me the certificate of sale upon the full payment of the purchase price.

Is certificate of payment enough to register the land in my name?

Do I have to give the registration papers of the previous owner to the Registrar?

Can there be any legal complication even if the land is vacant and the bank followed all the procedures under the SARFAESI act in order to auction off the property?

What are my options if I have registered the land in my name and the previous owner or someone else claims the ownership of the land.


Once you fulfilled the obligations of the conditions of auction/tender, the authorized officer of the bank will come and execute the sale deed in your favour in the registrar office. He will also deliver the original title deeds of the previous owner.

But the sale is subject to challenge by the previous owner in the court for the deficiencies or lapses on the part of the bank in various forums including Supreme Court. If the previous owner wins, you will have to vacate and get back the money from the bank with difficulty and by suing them. There are some instances happened earlier.

The SARFAESI act is a sword given to the banks by Finance ministry and most of the banks perfectly misusing to make their balance sheet better.

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