Thursday, 15 May 2014

Noida Real Estate developers sell flats too many buyers, through Bank help

A biggest real estate scams has been uncovered in Noida where a designer marketed apartments to several customers and economical organizations provided house mortgages to two or more customers for the same house.

Shiv Kala Appeal has supposedly attractive off more than 400 people, defrauding them of amounts which range from 25 lakh to 35 lakh, and is experiencing several legal cases.

Banks such as Axis standard bank, Asian Standard bank of Business and distribute Standard bank and real estate organizations like HDFC, LIC Housing Fund Restricted (LICHFL), Dewan Housing Fund Organization Restricted (DHFL), Punjab Nationwide Standard bank Housing Fund and India-Bulls are among the firms whose persistence is now in question.

Following the problems, queries were started by the source Standard bank (RBI) and Gautam Buddh Nagar region justice of the peace.

The scams first came to light on Aug 31, 2011 when HDFC Standard bank released a record of 78 apartments in Shiv Kala Appeal, exposing these were lawfully mortgaged to the lender. Home Customers were stunned to discover their residence number on the record.

Other banking organizations that had approved economical loans for the same Noida Apartments come out with their own lists – exposing many copy sales and economical loans.

Dwarka citizen Avneesh Kaushik, 38, who had bought residence 2093 on the 9th floor of the under – construction tower-2 in 2008 with a house loan from distribute Standard bank, has authorized a case against the designer with the Delhi Police economic offenses side.

The software advisor was stunned to discover out that the designer had marketed his residence to another customer who was provided finance by LICHFL.

If that was not had enough, the bankers have started restoration procedures against homebuyers defaulting on EMIs and situations of cheques jumping have been authorized against those left with no means to repay their economical loans.

At the same time, no action has been taken against the designer or any bank formal, though litigations are on. In October-end, the Allahabad high court had instructed the Noida SSP to facilitate the research.

The review of the Nationwide Housing Standard bank (NHB), looking into the matter on the RBI’s guidelines, shows that economical organizations funded several “non-existing flats” and recognizes many situations where more than one mortgage was provided over a single flat. The goal 2012 review of the Gautam Buddh Nagar CDO is just as frightening. It shows “imaginary” residential apartments and says scams of this scale are not possible without the connivance of bank authorities and office-bearers of the community.

All the banking organizations concerned dropped to opinion, exposing continuous legal procedures.

Shiv Kala Appeal is part of a supportive community, Golf Course Sahkari Awas Samiti Ltd that was established in 2004. Kaushik’s FIR names the contractors as Mahim Mittal, Ranjeeta Mittal, Asit Mittal, Navita Mittal and Sandeep Gupta. Recurring demands to them for opinion went UN anwered.