After the Supreme court decision on noida extension poject on 5th July, is there any financer financing the NE project. What ever news i have, no bank or financing institution financing any project in Noida extnsion. They have freezed any cash outlay now for undeclared period.

Bank of Baroda used to finance even after Alahabad High court decision but now no more.
Read more
Reply
15 Replies
Sort by :Filter by :
  • No matter where the project in NE is undisputed. But bank have stopped on all NE project.
    If tis will b the case then whole NE project will be in danger.

    Almost 90-95% buyers have taken loan from Bank. What will happen then?
    CommentQuote
  • The matter needs to be settled at the earliest. I think the SC should intervene and direct the farmers and GNIDA to sort out the whole issue.
    CommentQuote
  • Originally Posted by Totaram
    No matter where the project in NE is undisputed. But bank have stopped on all NE project.
    If tis will b the case then whole NE project will be in danger.

    Almost 90-95% buyers have taken loan from Bank. What will happen then?


    Dear Totaram,

    Did all banks sent you notification that they stopped finance to Noida Extension? or its just a rumour or word of mouth? any source of news?

    Thanks,
    CommentQuote
  • Originally Posted by Totaram
    After the Supreme court decision on noida extension poject on 5th July, is there any financer financing the NE project. What ever news i have, no bank or financing institution financing any project in Noida extnsion. They have freezed any cash outlay now for undeclared period.

    Bank of Baroda used to finance even after Alahabad High court decision but now no more.



    Are your refrerring any specific project here ? Why the bank will stop financing the projects that has no dispute/issue?
    CommentQuote
  • y/day I did checked Gaursons and they said all of their bankers disbursing payment to gaur city projects.If any members taken loan for gaur city pl.reconfirm.
    Thanks.
    CommentQuote
  • For all i know these issues have to get sorted out someday, we will surely see some light at the end of the day.when will that day come is only known to GOD. India is not run by politicians, but is run by GOD,(Ram bharose).

    The situation is very volatile and its sad for those who have got stuck in NE. People are at mercy of builders those who dont have enough options, hence u need to ensure that u stay united.
    Those who have options can exit or maybe wait and watch. But i dont see issues getting sorted out in a jiffy for sure.
    CommentQuote
  • Very well said MM Bhai & i have almost similar thoughts here .

    Originally Posted by Munish Malhautra
    For all i know these issues have to get sorted out someday, we will surely see some light at the end of the day.when will that day come is only known to GOD. India is not run by politicians, but is run by GOD,(Ram bharose).

    The situation is very volatile and its sad for those who have got stuck in NE. People are at mercy of builders those who dont have enough options, hence u need to ensure that u stay united.
    Those who have options can exit or maybe wait and watch. But i dont see issues getting sorted out in a jiffy for sure.
    CommentQuote
  • Originally Posted by dhanam
    y/day I did checked Gaursons and they said all of their bankers disbursing payment to gaur city projects.If any members taken loan for gaur city pl.reconfirm.
    Thanks.


    I know about HDFC, they have stopped disbursement for the previously approved loans and sanctioning new loans for all NE properties.

    Some people are saying that BOB, Corporation Bank & LIC Housing are still approving new loans...but not confirmed.
    CommentQuote
  • Sad but likely - I see this leading to major bankruptcies in NCR RE market.

    Reason -
    1 - No new disbursements by the banks, I do not see this changing anytime soon.
    2 - Unsold inventories in NE were much higher than other parts of NCR, so in absence of bank funding, & non-payment of monies to builders, expect builders ditching the projects.
    3 - Most of the projects are floated as separate companies, so builder won't have much problems ditching them.
    4 - At the receiving end would be they buyers - because in every BBA t& understood the land titles and other approval plans, in case of a litigation they will save builder's arse.

    If you are stuck with NE -


      don't take on any new loans/disbursements, make any additional payments to the builder.
      Go for a cancellation - better to suffer a loss of 10% than a loss of 30% a couple of months down the line.
      If 2 is not possible, Ask the builder to shift you out of NE to a project which is in Noida.
    CommentQuote
  • I am always skeptical about #4 in your list and have seen BBAs of all the big and small builders. It is just a standard line they write and don't even think about the buyer. Builder's BBA is always one sided and things wouldn't improve till there is a regulator and even after that they would get corrupt too.
    CommentQuote
  • Banks deliver double blow to buyers

    Noida Extension: Refuse To Disburse Sanctioned Loans,Withdraw Funding


    Noida: Thousands of buyers who booked flats at Noida Extension are on tenterhooks.With the courts Sahberi verdict threatening to open floodgates of litigation,they are not sure whether their projects in the vicinity are safe.Now comes the double whammy.Most banks that doled out easy loans to buyers have started backing out.

    Banks have stopped releasing the cheques due to heightened uncertainty of these projects.Already,sanction of fresh loans for property in Noida Extension has been stopped as reported by TOI.

    Bank officials claim the future of Noida Extension is dismal.In these circumstances,while buyers are in jeopardy,banks are hurriedly trying to withdraw funding.Now,buyers are in the lurch as they cannot buy the house,unless they pay up on their own.

    Debjyoti Biswas,an executive at a private company,who booked a flat at an Amrapali project said,I paid 20 per cent of the amount to the builder.For the remaining amount,I applied for a loan from LIC under the flexi-plan in December.In April,after completing necessary paperwork,my loan was sanctioned.The cheque was supposed to be issued on Monday,but after the Supreme Court verdict,the bank has declined to release the money.Now I dont know what to do.

    The banks have started issuing notices and SMSes to get back their money.In the past one year,none of the banks ever called us regarding the status of the loan,but now they have been shooting SMSes frequently reminding about the remaining amount of the loan, said Ravi Garg,who has booked a 3BHK flat in a project.


    -TOI
    CommentQuote
  • In very simple term, it is always better to get the refund (even that means a 10% deduction) and buy another one... the reason is simple
    a. You will not have any bargaining power when builder is shifting you to another project... you have no other choice than to accept what builder is offering you.
    b. House is a long term arrangement, you will always prefer a location (both house as well as your particular apartment) that best suits your requirements... you may not like an apartment that overlook something that you just hate.
    CommentQuote
  • Originally Posted by dhanam
    y/day I did checked Gaursons and they said all of their bankers disbursing payment to gaur city projects.If any members taken loan for gaur city pl.reconfirm.
    Thanks.


    I have loan from BOB for GC-2. Loan was approved in June. But still I havent confirm it yet from BOB what mood they are in. Please do update me if you have any news.
    CommentQuote
  • All the banks have stopped future payment demands. This is more precautionary. Hopefully things should improve in a couple of weeks. I think the best option is to contact the site office and get the exact details about the future of the project.
    The builders should post messages on their websites and also send letters to people who have booked flats so that panic doesnot spread among the people who have made bookings.
    CommentQuote
  • Dear Sir,
    Greetings of the Day!!!

    This is to inform you that those who have applied for loan from the Corporation Bank & Bank of Baroda, may please contact Mr. Syed Ahmad 9560095533 for the disbursement formalities.

    Further, if you need any assistance, you please feel free to contact us.

    With regards,

    For Patel Advance JV,

    Team Marketing


    ^ above mail received today ( 12th Jul`2011)

    StuD \m/
    CommentQuote