Hello Sir / Madam,
My question is related with " Land Auction and it's re - purchase "
I will explain my question with the example as mentioned below
- A man has purchased a plot in MIDC of Maharashtra for industrial purpose.
- He wants to expand the business and hence, he approached the bank for loan.
- Bank asked for colltral and he mortgaged the same plot to the bank.
- After few years, he became insolvent and unable to pay the EMI of the loan.
- Subsequently, bank forfeited the plot and decided to sale it off through public auction.
- An Industralist want to purchase the same plot and build the primary school over there.
My question - Is it possible to change the Use of Land after purchase ?
Can he build a school / hospital over the same land ? ?
CAclubindia
