A brand new apartment has come up for sale in Alapakkam near Porur. It was sold for 50 lakhs when the project was under construction. The buyer paid 8 lakhs upfront, got a loan for 35 lakhs and was to pay the balance 7 lakhs on handover. Subsequently the buyer lost his job during Covid so he wasn’t able to pay the EMIs as well as the balance 7 lakhs due to the builder.
The bank reposessed the property but they couldn’t proceed with the sales without the builders co-operation as 7 lakhs is still due to the builder. So the bank has offered for a one time settlement of 31 lakhs.
The builder needs funding of 20 lakhs for bank settlement. Once the amount is settled the builder will resell at the market price (48-52 lakhs) in 4 months time. If unable to sell in four months, the builder himself will buyback for 50 lakhs.
Comments:
- The builder is a known person and has been in this trade for 16 years
- Apart from construction he has a thriving fitness business — 3 fitness studios and more than 2000 customers online
- We also know him and his business partner from a different venture and verified that he is trustworthy.
Please let us know if you are interested.
