In a huge relief to flat owners of a residential society, Union Bank of India (UBI) on Wednesday withdrew a notice asking them to vacate their houses by August 20 as the builder failed to pay Rs 78.45 crore loan.
After the matter was reported in a section of media, the bank accepted its mistake and issued a clarification stating that it will recover the loan from the builder, and not from the flat owners.
"We would like to clarify that any of our recovery action is against the builder only and not against the flat owners. Therefore, we have initiated steps to withdraw the notices immediately," the bank said in a statement.
Families residing in Noida's Sector-75 Gardenia Gateway were served with bank notices to vacate their houses by August 20, after builder -- Manoj Rai -- failed to pay the loan reportedly taken in 2015.
The bank also sent separate intimation to the residents informing that the notice stood withdrawn.
"This is with reference to the intimation dated Agust 5 requesting you to vacate the premises in 15 days as a part of the action initiated against the builder M/s Gardenia India Ltd due to their default in repayment of the loan availed from our Bank. In this regard, we hereby inform you that the said intimation has been withdrawn with immediate effect," the letter to the flat owners read.
The bank's moves came after the Apartment Owners' Association representatives met bank officials and complained to the police and the RERA.
Apartment Owners' Association president BS Lavania said: "We have been living here since 2016 and have already paid the full cost of flat to the builder."
The flat owners had also held a meeting with the builder who has assured them that he will pay the money.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)