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1-min read

200 Families in Noida Housing Society Asked to Vacate After Developer Fails to Repay Rs 78 Crore Loan

The society had been mortgaged by the developer for the loan, and the bank had the rights to attach the property to recover the loan, the notice read.

News18.com

Updated:August 14, 2019, 1:48 PM IST
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200 Families in Noida Housing Society Asked to Vacate After Developer Fails to Repay Rs 78 Crore Loan
Gardenia Gateway in Noida. (Image: Twitter/@ANI)
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Noida: Over 200 families living in Noida's Gardenia Gateway housing society since 2015 were served bank notices to vacate their houses by August 20, after the developer, Gardenia India Ltd, failed to pay a loan of Rs 78.45 crore.

Notices were sent by the Union Bank of India on August 5 to the residents of the society which is located in sector 75 of Noida. The notice read that Gardenia India Ltd, the housing developer, had taken the loan on December 31, 2015, and failed to make the repayment.

Gardenia Gateway had been mortgaged by the developer for the loan, and the bank had the rights to attach the property to recover the loan, the notice read.

This comes after the Supreme Court on Tuesday warned Noida and Greater Noida authorities with serious consequences if its direction to take action to deal with cases of Amrapali home buyers was not adhered to.

In Maharashtra, a builder wanted for duping over 350 people of several crores by promising them apartments was also arrested in Navi Mumbai township on Wednesday.

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