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Role of banks & Financial institutions exposed in NOIDA

Postby naveenarichwal » Mon Nov 18, 2013 12:51 pm

http://www.hindustantimes.com/india-new ... 52588.aspx

A huge housing scam has been unearthed in Noida where a developer sold apartments to multiple buyers and banks provided home loans to two or more buyers for the same house.

Shiv Kala Charms has allegedly ripped off more than 400 people, defrauding them of amounts ranging from `25lakh to `35lakh, and is facing multiple lawsuits.

Banks such as Axis Bank, Oriental Bank of Commerce and Syndicate Bank and housing finance companies like HDFC, LIC Housing Finance Limited (LICHFL), Dewan Housing Finance Corporation Limited (DHFL), Punjab National Bank Housing Finance and Indiabulls are among the firms whose diligence is now in question.

Following the complaints, inquiries were initiated by the Reserve Bank (RBI) and Gautam Buddh Nagar district magistrate.

The scam first came to light on August 31, 2011 when HDFC Bank published a list of 78 apartments in Shiv Kala Charms, stating these were legally mortgaged to the bank. Homebuyers were shocked to find their apartment numbers on the list.

Other financial institutions that had approved loans for the same flats came out with their own lists — revealing multiple duplicate sales and loans.

Dwarka resident Avneesh Kaushik, 38, who had bought apartment 2093 on the ninth floor of the under-construction tower-2 in 2008 with a home loan from Syndicate Bank, has filed a case against the developer with the Delhi Police economic offences wing.

The software consultant was shocked to find out that the developer had sold his apartment to another buyer who was granted finance by LICHFL.

If that wasn’t bad enough, the financiers have initiated recovery proceedings against homebuyers defaulting on EMIs and cases of cheques bouncing have been registered against those left with no means to repay their loans.

At the same time, no action has been taken against the developer or any bank official, though litigations are on. In October-end, the Allahabad high court had directed the Noida SSP to expedite the investigation.

The report of the National Housing Bank (NHB), looking into the matter on the RBI’s instructions, reveals that banks financed several “non-existing flats” and identifies many cases where more than one mortgage was granted over a single flat. The March 2012 report of the Gautam Buddh Nagar CDO is just as damning. It shows “imaginary” apartments and says a fraud of this magnitude is not possible without the connivance of bank officials and office-bearers of the society.

All the financial institutions concerned declined to comment, citing ongoing legal processes.

Shiv Kala Charms is part of a cooperative society, Golf Course Sahkari Awas Samiti Ltd, that was formed in 2004. Kaushik’s FIR names the builders as Mahim Mittal, Ranjeeta Mittal, Asit Mittal, Navita Mittal and Sandeep Gupta. Repeated requests to them for comment went unanswered.
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Re: Role of banks & Financial institutions exposed in NOIDA

Postby naveenarichwal » Mon Nov 18, 2013 1:03 pm

All banks including government banks have financed ERA DIVINE COURT, Sector 76, faridabad being built by Era landmark ltd, which does not have any license, Permission or land of its own. Tripartite agreements were done betweeen buyers ,Era landmark ltd & Bank and banks are promptly issuing Cheques on Demand letters on Letterhead of Era landmark Ltd.
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Re: Role of banks & Financial institutions exposed in NOIDA

Postby dheerajjain » Mon Nov 18, 2013 2:22 pm

Really Shocking ! Banks are only interested in profits and let buyers go to hell for them ! Also, as usual , Police and Judiciary are very slow in providing relief to home buyers and Police most of times is in nexus with builder
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Re: Role of banks & Financial institutions exposed in NOIDA

Postby naveenarichwal » Mon Nov 18, 2013 2:37 pm

And still the Customers are blamed by the Supreme court of INDIA that they are responsible because they have not done due diligence and hence Their homes need to be demolished. viz campa cola society.

We are partly/Fully responsible for the statement of Supreme court because we prefer to stay quite even when we know everything about a illegal housing project, or for any illegal act in the society ,that we come to know.
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Re: Role of banks & Financial institutions exposed in NOIDA

Postby RSHYAMGARG » Mon Nov 18, 2013 6:40 pm

All the banks and financial institutions are doing this job. Land of Villas situated in sector 88, Faridabad are mortgaged to Punjab National Bank, yet the villas were financed by the PNB Housing Finance Ltd.
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Re: Role of banks & Financial institutions exposed in NOIDA

Postby BlessU » Mon Nov 18, 2013 6:48 pm

Hi
Greetings

----worst part is PNB and LIC Housing Finance are public sector institutions, being run with public money to finance builders, which in turn loot the public.

High time a PIL be filed to better regulate the Banking and its roll in funding sensitive sectors like housing.

Inspite of several advisories being issued by RBI and and Economic Intelligence Wing, the bankers in lure for commissions/ Kick backs from builders overlook prudent norms.

All pointers of a bubble moving towards a burst..

Cheers
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Re: Role of banks & Financial institutions exposed in NOIDA

Postby naveenarichwal » Mon Nov 18, 2013 7:31 pm

Corporation bank , Bank of baroda are giving home loan to era divine court.Sector 76.
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Re: Role of banks & Financial institutions exposed in NOIDA

Postby naveenarichwal » Wed Nov 20, 2013 10:04 pm

http://timesofindia.indiatimes.com/city ... 014144.cms

NOIDA: For the last two years, homebuyers have been fighting a legal battle with little hope of finding reprieve and recovering their hard-earned money. Even as more than 300 buyers — who invested in Shiv Kala Charms housing project in Greater Noida — wait to get justice, they continue to pay lakhs towards EMIs towards home loans.

Duped of money between Rs 10 lakh and Rs 55 lakh, many homebuyers are still paying their loans to "abide by the law", but many others have halted their mortgage payments. Several others who have paid a lump sum to the developer fear a total loss of their investment. "Besides paying Rs 5 lakh to the builder, I have paid an EMI of Rs 11 lakh already to LIC Housing Finance (LICHF). I paid the last instalment in November," said Prashant, a homebuyer. "I stay in a rented accommodation and was to move into my 1350 sq ft home in 2010. Today, saving my investment has become a distant dream. Moreover, the legal fight is costing me dearly and my family and I have to deal with extreme stress," he lamented.

Another homebuyer, Vivek, has paid more than Rs 25 lakh towards EMI. "Every month I pay Rs 35,000. The fact that I may never be able to see my home is not lost on me but I continue to hope for reprieve," Vivek said.

The buyers booked their flats in 2009 and were to get possession in 2010. Two years later, buyers are now questioning the diligence of finance institutions in sanctioning loans. Many allege that banks have colluded with the developer as they granted multiple loans to different buyers over the same properties. The fact that the developer's lease was cancelled by Greater Noida Authority should have been in their notice, they said.

"We have proof that 48 flats are non-existent and exist only on paper. Fifteen flats have been financed twice by LICHF," Prashant claimed.

"This incident is a warning to anyone buying property without required checks. Buyers need to be aware and conduct a thorough check on the developer whose project they plan to invest in," said Ashok Lal, counsel for homebuyers.
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