Noida: Around 200 families residing in Noida’s Sector 75 Gardenia Gateway were served bank notices to vacate their houses by August 20. This comes after the builder of Gardenia India Ltd, Manoj Rai, failed to pay Rs 78.45 Crore loan, ANI reported on Wednesday.
Apartment Owners’ Association President told the news agency that the property is mortgaged against the loan. “We complained to police,” the President added.
Notably, the Union Bank of India sent notices to the residents of the society on August 5, citing the failure of repayment of the loan by the housing developer.
On August 13, the Supreme court warned that officers of Noida and Greater Noida will be sent to jail if there was any delay on their part in handing over possession of flats to buyers. On July 23, the top court cancelled the real estate company Amrapali Group’s Real Estate Regulatory Authority’s licence and appointed state-run National Buildings Construction Corp Ltd (NBCC) to complete all pending projects.