GUJRERA Takes Steps to Protect Property Buyers

Issues directions to banks and financial institutions to ensure proper records of mortgaged properties

- | Nikunj.Soni

In a bid to protect property buyers from unscrupulous builders, the Gujarat Real Estate Regulatory Authority (GUJRERA) has issued directions to banks and financial institutions, asking them to ensure that entries about mortgaged properties are reflected in revenue records.

Often, property owners have to suffer when unscrupulous builders fail to disclose facts about the project or about mortgage status of a property. As per the latest directions issued by GUJRERA, banks should not sanction loans on those units on which an agreement to sale/sale deed has already been executed.