I just did something really nasty but I felt it had to be done
By vanny
@vandana7 (98827)
India
February 10, 2023 12:46pm CST
So ...there is this company in India in my State
Offering agricultural plots...with registration and records, etc. without demarcating the property...grrrrr how is that possible? Legally it should not, but it is managing to do so...grrrrrrrrrrrrr ...demarcating property is important as without it, the same property can be mortgaged and loans can be taken on it...and banker would not know whose property it is...grrrrrrrrrrrrrrr...so kinda...I am the one who is damn annoyed that such things are happening.
And the six years odd company hasn't filed the annual report for the year ended 31st March, 2022 (we end our year on 31st March).
So my antenna is up.
Who is investing? Software people...really? Can't you just surf....
I raised my queries ...so that there are no more gullible investors jumping in.
Did I do something right?
10 people like this
7 responses
@vandana7 (98827)
• India
10 Feb 23
I am just worried...already almost 308 people have invested...their monies would be gone...for good? Because with such a review, the company directors will rush to close the shop almost overnight...a better way would have been to approach some authority ..but who?
1 person likes this
@vandana7 (98827)
• India
10 Feb 23
@DianneN That is the point...no real estate can be recorded without boundaries.
How is the registrar allowing that? Somebody is scamming. I will talk to some people tomorrow and if I am not wrong, I will do something about it.
They are openly saying they will demarcate only above 1 acre, and yet are offering 605 square yards plots...grrrr.
1 person likes this
@vandana7 (98827)
• India
11 Feb 23
We do have undivided share of land associated with our apartments. But then, it is always accompanied by Encumbrance certificate evidencing the corresponding entries. With this kinda registration, such a think would not be possible. So encumbrance certificate would show as if the property is unencumbered, and consequently, the banker would trust the land owner and release loan funds...effectively making our property worthless. I have yet to ask my distant cousin about this...once I am sure, I might take it to some authorities who can act upon it. Crimes need to be clipped in bud, and all similar activities should be stopped and prevented.
1 person likes this
@vandana7 (98827)
• India
15 Feb 23
@JudyEv There is a gray area in law for which there is no viable solution. I am struggling with a case in Supreme Court (apex court) here. More than 30 years. Government records can be wrong, but rights of innocent buyer....what about them?
I would think if government records go wrong, it should be the government who should compensate the innocent buyer. But government decides to look the other way.
The government agencies are just focused on getting money. You could sell Statue of Liberty in our city...LOL Naturally, nobody gets the right, only the buyer suffers the loss.
1 person likes this
@kaylachan (57670)
• Daytona Beach, Florida
10 Feb 23
Not sure I understand the problem, but if you're suspicious, then do your digging. Be sure.
1 person likes this
@vandana7 (98827)
• India
11 Feb 23
Whatever I noticed was pretty serious... but I was left wondering why others have not noticed such things. If I was investing something like 100 dollars, I would not be as cautious as if I would be investing say 1000 dollars, right? So the investment is huge, so consulting advocates and consulting the registrar's office was necessary...preferably take opinions in writing.
@wolfgirl569 (95190)
• Marion, Ohio
10 Feb 23
Sounds like you did the right thing
1 person likes this
@LindaOHio (156157)
• United States
11 Feb 23
Sounds like you did the right thing. I can't imagine selling plots without demarcation.
1 person likes this
