ghaziabad: Fear of eviction grips 42 families as lender prepares to claim ‘mortgaged’ apartments | Ghaziabad News

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Ghaziabad: Families living in a housing corporation in the Raj Nagar extension of Ghaziabad are stepping up their efforts to fight to avoid being evicted from their own legally purchased homes.
A finance company – Reliance Home Finance – was cleared to reclaim 122 apartments in Savy Ville De which its developer, Ascent Buildtech, had mortgaged to it for a loan, but later defaulted on repayment of Rs 23 crore.
The finance company moved the Ghaziabad Supplementary DM (Finance) Court, which cited the Securitization and Reconstruction of Financial Assets and Enforcement of Collateral Act 2002 (SARFAESI), to allow it to take possession of the properties.
The developer and its representatives could not be reached for comment despite repeated attempts. Around 42 families, who have been staying in these apartments since 2017, learned of the existence of the mortgage – which was allegedly taken out hiding that some of these apartments had already been taken into possession – recently, almost two years after the passage of the order.
Of the 122 apartments concerned in the 600 apartments of Savy Ville De, nearly 80 are currently vacant. “We registered our apartments and some of us took out mortgages to buy our apartments. Now we are helpless,” said affected resident Sanjay Shah.
Shah said residents had already lodged a complaint with the District Magistrate (DM) and the SSP. “We were shocked when representatives from the finance company interviewed the company and told us about the order,” he added.
Vinod Mudgal, another resident, said: “We have been cheated. We had no idea that the developer had mortgaged our apartments, which we have already been given possession of and for which we pay EMIs on home loans.
A Reliance Home Finance representative said they would reclaim the unoccupied apartments on April 23 as per the ADMs order and asked for police assistance with this. “Ascent Buildtech failed to pay us Rs 23 crore. In 2020, the ADM court allowed 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 of the company’s legal department.
Additional DM (Finance) Praveen Pandey, the current manager, said: “The order dates back to 2020. Residents have the option of moving a higher court against it.”
Prashant Kanha, a lawyer who handles such cases, said, “In the past, there have been similar cases. There was one in Crossings Republik where locals had complained of fraud. Residents can get an FIR filed under IPC Section 420 (cheating) and move a higher court. The finance company, according to the representative, will take a call on the remaining 42 apartments which will be occupied later.
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