Flat buyers asked to vacate as builder fails to repay loan to bank

Surat: The bank sealed the flats and evicted 27 families from their homes in Param apartment in Sarthana area of Surat as the builder failed to repay the loans to the bank.

A builder firm namely Shri developers had taken project loan for the construction in an open plot. The construction was mortgaged by them. The builder had also made refinancing for construction of more floors above in the apartment after taking project loan. The builder sold the flats to various persons but didn’t repay the project loan. The bank sealed the apartment due to the same.

The buyers of these flats had also taken loans for purchasing flats and paid the installments. They have been caught in the middle of the fight between the bank and the builder. The buyers who are current occupants of the flat were ordered to vacate their units and leave. DeshGujarat