You are here: Home » Finance » News » Banks
Business Standard

Union Bank withdraws eviction notices served to residents of Noida society

The bank had given notices to 200 families of Gardenia Gateway by Gardenia Group in Sector 75, Noida, on August 5, as per the media reports

Topics
Union Bank

Press Trust of India  |  Mumbai 

Union, Union Bank of India,
Union Bank of India. Photo: Reuters

State-run of India has withdrawn eviction notices served by it to residents of a society in Noida and also assured that no action will be taken against them because the builder has defaulted on loan repayment.

The bank had given notices to 200 families of Gardenia Gateway by Gardenia Group in Sector 75, Noida, on August 5, as per the media reports.

"We have withdrawn all the notices. The matter has been resolved," the bank's managing director and CEO Rajkiran Rai G said.

The plot was mortgaged with the bank by the builder for a construction loan worth Rs 78 crore.

Since the builder failed to repay the loan, the bank's branch in Delhi from where loan was given, had put the property on auction as per the procedures, he said.

"Home buyers paid the money to the builder and bought homes. They should not suffer. We have assured that there will be no action against the home buyers due to a default by builder," Rai said.

The notices were withdrawn on Wednesday evening, he added.

Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Wed, August 14 2019. 21:35 IST
RECOMMENDED FOR YOU
.