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- The new tussle between the builder and the financial institution has put a big question mark on the fate of the residential quarters being built for the economically weaker sections.
- The applicants have approached the High Court for justice
representative image It does not seem that there is any hope for residential quarters for the economically weaker sections (EWSAs per the plan, the builder is to construct 1,512 residential quarters in 26 blocks with nine-storey structures with lift facilities in an area of 7.2 acres. However, even 12 years after construction began, the work is not finished.
Finding no other option, the applicants have filed a petition in the High Court seeking justice.
Now, the tussle between Samman Capital Ltd (formerly known as India Bulls Housing Finance Ltd) and BG Uday alias Uday Bindiganwale Garudachar of Garuda Maverick Infrastructure Projects Pvt Ltd and others has created confusion among prospective allottees. Is done. EWS QuarterSamman Capital Limited has issued a possession notice stating that the borrower failed to repay a loan of Rs 560,46,88,497.
“In case of failure of the borrower(s) to repay the amount, notice is given to the borrower(s) and the general public that the undersigned has taken symbolic possession of the property.
The borrowers in particular and the public in general are cautioned not to transact with the property and any transaction with the property will be subject to a charge of Samman Capital Limited for an amount of Rs 560,46,88,497 including pending. Income tax was deducted at source on 25.07.2024 amounting to Rs 3,42,55,350 and interest thereon,” read the possession notice.
Although the possession notice does not mention anything about the fate of the residential quarters for the economically weaker sections, the applicants and those who were evicted from the premises in 2012 are aware of the latest settlement between the builder and the financial institution. They are worried about their future because of the fight.
It is noteworthy that he owns more than 15 acres of land. Greater Bengaluru Municipal Corporation (BBMP) entered into a contract with Garuda Maverick Infrastructure Projects Private Limited and others for the construction of residential quarters and commercial complex at the site.
In case the borrowers fail to repay the loans, the financial institution has declared symbolic possession of the immovable properties on the land.
Social activist Isaac expressed concern over the delay in work on the quarters, saying that the construction of residential quarters has been delayed for more than a decade. “Not a single residential quarter has been handed over to the allottees so far,” Isaac said.
Prabhakar Rajendran, a social worker from Ejipura, said that the construction of residential quarters is getting delayed due to one pretext or the other.
“We have been demanding the authorities concerned to speed up the construction of residential quarters, but to no avail,” Rajendran said.
When informed about the possession notice, Chickpet MLA Uday B Garudachar said the matter is pending in the court.
Meanwhile, BBMP special commissioner (estate and revenue) Munish Moudgil said he would check the records and ask the zonal commissioner to take appropriate action.
