200 families in Noida housing society served eviction order as builder defaults on loan

NOIDA: More than 200 families living in a Noida housing society since 2015 got the shock of their lives last week when each of them received notices from a bank asking them to vacate their houses by August 20.

The notices, dispatched by the Union Bank of India, were served to residents of Gardenia Gateway in Sector 75 on August 5. The documents mentioned that the developer — Gardenia India Ltd —had taken a loan of Rs 78.45 crore on December 31, 2015, and had not made any repayment since.

The developer had mortgaged the project for the loan, the notice said, adding that the bank was well within its rights to attach the property to recover the debt.

The residents, who had no inkling about the project being mortgaged, are incredulous that such an “absurd” notice has been handed to them and are exploring legal moves. “We are utterly shocked. We paid the entire amount (cost of houses) to the builder before moving in and there are no dues whatsoever. Why should the buyers be made to suffer for the builder’s fault? We don’t know what harassment is awaiting us,” said B S Lavania, president of the residents’ welfare association of Gardenia Gateway.

The additional director of Gardenia Gateway, Surender Debal, said the company was working with the bank on settling dues.