Home owners left in a lurch after real estate group defaults on loan
SRS Royal Hills sector 87, Faridabad flat owners held multiple protest rally against SRS Real Estate Ltd and Canara Bank. While the flats were handed over to owners in 2014, the builder did not register most of these despite several pleas.
Fear Losing My ‘SRS Royal Hills’ Flat as Builder Defaulted on Loan
Construction of the project started in 2007 and more than 1,500 families, or 5,000 residents, booked their dream homes in this project. By 2015-16, flats in the entire project had been sold off. Buyers were happy to get possession of their dream homes, but they kept asking the builder about when their homes would get registered. The builder had initially promised registry within a month of shifting; however, even after several follow-ups, the builder neither turned up nor registered all the flats.
Canara Bank is seeking symbolic possession of the flats
As many as 1200-1400 home owners of SRS Royal Hills in Greater Faridabad’s Sector 87 hang in balance after the property’s builder SRS Real Estate defaulted on a loan, due to which the lender, Canara Bank, has now taken the possession of the property. The home owners are now living under constant fear of being evicted from their flats by the bank. SRS Real Estate took a loan of Rs 105 crore from Canara Bank and failed to repay it. The bank sent a notice to residents that the property is in their possession till the loan amount is recovered from the builder.