Hello
My father have 4800 (2400 + 2400) SQ Yrds of land in the Hyderabad in the prime location. On this, he has Industrial Loan of 3.75 CR ( 2400 SQ Yrds land document is collateral) . Now he is in the position not able to continue the business because of heavy losses from the years. So he gave whole land for the development to builders. For this, builders are agreed to pay 2.75 CR towards the advance to start the construction of the work. Of which, my father used 1 CR to pay other loans. Now builder owes us remaining 1.75 CR to start continue the development work.
Half of our document (2400 SQ Yrds) is with a bank, so builders are not able to continue the work without the GPA and partition of allotments being not done and we are in the situation, where we couldn\’t able to close the loan with the remaining agreed amount from the builder. So the builder has proposed to sell the land to them, and offered us very less amount of the price than the market value, which we are not interested to sell
I also contacted a couple of banks for the loan, they agreed to loan me about 2-2.5 CR as NRI Salary employed towards purchasing a plot or residential property but not for this type of development scenario.
So if you guys have any thoughts or any advice how to proceed further will be greatly appreciated.
Thanks
Santosh