News: Ghaziabad: Fear of eviction grips 42 families as lender set to claim 'mortgaged' flats-22-04-2022
A finance company — Reliance Home Finance — has been allowed to claim 122 flats at Savy Ville De that its developer, Ascent Buildtech, had mortgaged to it for a loan but subsequently defaulted on a repayment of Rs 23 crore.
GHAZIABA D: Families living in a housing society in Ghaziabad’ s Raj Nagar Extension are doubling down for a fight to stop themselves from being evicted from their own legally purchased homes.
A finance company — Reliance Home Finance — has been allowed to claim 122 flats at Savy Ville De that its developer, Ascent Buildtech, had mortgaged to it for a loan but subsequently defaulted on a repayment of Rs 23 crore.
The finance company moved the court of the additional DM (finance) of Ghaziabad, which cited the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act, 2002, to allow it to take possession of the properties.
The developer and its representatives could not be reached for a comment despite repeated attempts. Around 42 families, who have been staying in these flats since 2017, learnt about the mortgage — which was allegedly.
taken by concealing that some of these flats had already been granted possession — recently, nearly two years after the order was passed.
Of the 122 affected flats in the 600-apartment Savy Ville De, nearly 80 are vacant now. “We have got the registries of our flats done and some of us have taken home loans for buying our apartments. Now, we are helpless,” said Sanjay Shah, an affected resident.
Shah said the residents have already lodged a complaint with the district magistrate (DM) and the SSP. “We were shocked when representatives of the finance company surveyed the society and apprised us of the order,” he added.
Vinod Mudgal, another resident, said, “We have been cheated. We had no clue that the developer had mortgaged our flats, the possession of which has already been given to us and for which we are paying EMIs on home loans.”
A representative of Reliance Home Finance said it will claim the unoccupied flats on April 23 in line with ADMs order and has sought police help for it. “Ascent Buildtech defaulted in paying us Rs 23 crore. In 2020, the ADM’s court authorised us to take possession of the mortgaged properties but due to the pandemic disruption, we are now preparing to execute the order,” said Pradeep Singh from the company’s legal department.
Additional DM (finance) Praveen Pandey, the in-charge now, said, “The order dates back to 2020. The residents have the option to move a higher court against it.”
Prashant Kanha, a lawyer who deals in such cases, said, “In the past, there have been similar cases. There was one in Crossings Republik where residents had filed a case of cheating. Residents can get an FIR lodged under Section 420 (cheating) of the IPC and move a higher court.” The finance company, according to the representative, will take a call on the remaining 42 flats that are occupied later.
