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Ghaziabad 'mortgaged' flats

Ghaziabad mortgaged flats: Fear of eviction grips 42 families

Ghaziabad mortgaged flats: Fear of eviction grips 42 families

Delhi/NCR – Families living in a housing association in the Raj Nagar extension of Ghaziabad are stepping up their efforts to prevent eviction from their lawfully acquired homes.

A finance company – Reliance Home Finance – has been cleared to claim 122 apartments in Savy Ville De whose developer Ascent Buildtech pledged a loan but later defaulted on Rs 23 crore(Ghaziabad mortgaged flats).

The finance company asked the court for an additional (financial) DM for Ghaziabad, citing the Securitization, Reconstruction of Financial Assets and Security Enforcement (SARFAESI) Act 2002 to enable it to seize the property.

The developer and its representatives could not be reached for comment despite repeated attempts. About 42 families living in these apartments since 2017 recently learned about the mortgage, which was reportedly already covered by coverage on some of these apartments, nearly two years after it was passed.

Ghaziabad 'mortgaged' flats

Of the 122 damaged homes in Savy Ville de, including 600, nearly 80 are now vacant. We did our real estate files and some took out loans to buy our houses. Sanjay Shah, a worried resident, said: “Now we are helpless.

Shah said residents had already lodged a complaint with the District Magistrate (DM) and the SSP. “We were shocked when representatives of the finance company interviewed the company and told us about the case,” he added.

Vinod Mudgal, another resident, said: “We got ripped off. We didn’t know the developer had mortgaged our houses, which we actually got, and we’re paying EMIs for it.”

A representative from Reliance Home Finance said it would reclaim the vacant units under an ADM order issued on April 23 and asked for police assistance in doing so. “Ascent Buildtech defaulted on Rs 23 crore. In 2020, the ADM court allowed us to seize foreclosed properties, but due to pandemic disruption, we are now preparing to execute the order,” said Pradeep Singh of the company’s legal department.

Ghaziabad mortgaged flats – “It dates back to 2020. Residents have the option to appeal against him to a higher court,” said Praveen Pandey, DM (Finance) now in charge.

Prashant Kanha, an attorney who handles such cases, said: “There have been similar cases in the past. There was one in Crossings Republic where residents filed a fraud report. Residents can apply for an FIR under IPC Section 420 (fraud) and appeal to a higher court – Ghaziabad mortgaged flats.

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