Noida: A home buyer who ordered a flat in a housing in Greater Noida five years ago but has stopped paying EMIS with no apartment in the project delivered relieved from the Delhi High Court.
The court, on September 24, directed a bank that had provided a home loan to stop the recovery process against buyers until the order further.
The bank has transferred a debt recovery court (DRT) after serving notifications to buyers under Sarafesi (Securitization and Reconstruction of Financial Assets and Security Interest Enforcement).
DRT has also initiated the process of buyers.
The project, Sampada Livia, was wrapped in early 2012 in Chi 5.
About 650 buyers of flats have invested in it.
Jayant Kumar Mishra, coming from Jharkhand, has booked a flat of 1,330 sqft 3BHK in the project in September 2016.
Some of his friends have booked flats there too.
Mishra likes the location and chooses a house on the 21st floor.
Mishra, who will get an apartment in January 2019, agreed to the price of Rs 44 lakh for flats.
He took Rs 11 lakh from his savings and a home loan RS 33 Lakh from the Corporation Bank (now joining Union Bank of India).
“Builder has a bond with bank corporation and asks home buyers to approach them for financial assistance.
We are offered a loan under the subvention scheme (75:25) where the bank must pay two-thirds of the project costs and I pay the rest,” said Mishra.
With a project that makes a little progress, the buyer begins to ask questions and know that the authority of the larger Nida Industrial Development (Gnida) has rented 5 hectares to the PSA Impex Pvt Ltd to develop Sampada Livia.
The buyer said they also visited the address of the developer in Shakarpur in Delhi.
“But we can’t trace anyone.
Where the developer is not known by us.
We don’t have clarity on the way ahead.
Banks and financial institutions pursue buyers for Emis,” said Rajul Goswami, an IT executive who first ordered flat in the project .
For Flat Goswami, The Deadline was August 2017.
On September 30, 2019, up-ra deregistered projects and suspended Bank Builder accounts, recorded complaints from buyers.
An inspection carried out at that time only showed 10% of work that occurred without construction activities during 2017 and 2018.
Banks, meanwhile, continued to send notifications to home buyers.
Score Cibil Mishra hit in 2018, as soon as he was nicknamed by the bank.
“Worried about my future and work, I decided to move to court,” Mishra said.
Advocate Anshul Gupta, who represented Mishra before the reserves of Judge Vipin Sanghi and Jasmet Singh, submitted a copy of the Master Circular issued by the Reserve Bank of India in July 2015 before the bench.
Gupta also filed a tripartite agreement between banks, builders and buyers.
In its decision, the court stated, ‘the amount has been disbursed by the Bank to builders with recklessness without obeying the terms and conditions of the subvention scheme.
Under the agreement, it is the obligation of builders to pay loans in the end projects that are not resolved and owned are not submitted to the applicant.
“Gupta said that the order would help thousands of home buyers who had taken home loans.
Mishra said he paid Rs 11 lakh and an additional Rs 4 lakh to the developer later but the number was never transferred to the bank and he continued to get a notification to pay the number of loans with interest.
What RBI said circularly addressed the subvention scheme, circular said “has been observed that some banks have introduced certain innovative housing loan schemes in relationships with developers / builders, eg.
Upfront the elimination of individual housing loans approved for builders without connecting various stages of building housing projects, interest / emi on housing loans available by individual borrowers served by builders during certain periods of construction / periods, etc.
Perhaps including the signing of a tripartite agreement between banks, builders and housing unit buyers.
These loan products are popularly known as names like 80:20, 75:25 Scheme “.
Say that the product” is likely to expose the bank and borrowing home loans for additional risks “, banks suggest circular to provide loans related to the stages Development of housing projects.