200 families of the Noida housing society complied with the eviction order as a default by the borrower
NOIDA: More than 200 families living in a Noida housing company since 2015 they suffered the shock of their lives last week when each of them received notices from a bank asking them to leave their homes before August 20.
The notices, sent by the Union Bank of India , were served to residents of Gardenia Gateway in Sector 75 on August 5. The documents mention that the developer - Gardenia India Ltd: He had taken a loan of Rs.48.45 million on December 31, 2015 and had not made any repayments since then.
The developer had mortgaged the project for the loan, according to the notice, adding that the bank was entitled to join the property to recover the debt.
The residents, who had no inkling about the project being mortgaged, are incredulous that such an “absurd” notice has been handed to them and are exploring legal moves. “We are utterly shocked. We paid the entire amount (cost of houses) to the builder before moving in and there are no dues whatsoever. Why should the buyers be made to suffer for the builder’s fault? We don't know what harassment is awaiting us, ”said B S Lavania, president of the residents’ welfare association of Gardenia Gateway.
The additional director of Gardenia Gateway, Surender Debal, said the company was working with the bank on settling dues.