Following today's HC's refusal to listen to builders' petition, following builders have been put in the bankruptcy watchlist immediately by the nationalized banks and all fresh/pending loan disbursement have been stopped for all their projects including NOIDA and elsewhere. Banks have put on hold all the direct payments of builders loan also. (The list has been circulated by the IBA to all member banks in its confidential circular)

Following builders may seek insolvency/bankruptcy protection:

Supertech Limited
Amrapali Group
Antriksh
Ajnara
Mahagun
Paramount
Patel
Devika
Panchsheel
Stellar
Trident
Rajhans
Earth Infrastructures
Connoisseur Buildtech Pvt. Ltd
Earthcon
Gulshan Homes
Shree Group
Nirala Estates
Eros
Ajay Enterprizes
Valencia
Super City
Arihant
Gaursons

This is an initial list circulated by IBA and contains instructions that certain more partners may be included in forthcoming addendum.
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    • Does this means that the banks will not be allowing these banks to transfer / withdraw funds from their accounts???????????????
      This means that if all will not be good after Aug 12th and the HC is required to pronounce its verdict on Aug 17th, and the land is given back to farmers / de-notified and converted to farm land for the next 23/50/75/100 years, then the builders will find it difficult to return the money that the buyers have paid them.
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  • I don't see that happening as they are big enough to write off few crores but again with today's HC decision a near term compromise is looking positive.
    As everyone knows that the land is no more use for the farming and farmers ultimately want to sell the land but ofcource for a fair price and once the agreement is reached on the FAIR price things would start falling in place.. though the end user might have to pay that extra price at the end of the day.
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  • looks like NCR sub prime in making. all these balance sheet builders, running multiple projects based on rotation of buyers funds are in deep trouble.

    beware of Supertech, Antriksh, Amrapali
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  • The list of BANKRUPTCY WATCHLIST: AMRAPALI-SUPERTECH-MAHAGUN-AJNARA++++ is so big that it will be easier to mention who is safe builder in that area if any one left ?
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  • Just Saw this:


    "After the Patwari verdict on July 19, the builders had said that they would not be able to absorb any losses on account of projects that are scrapped for this could push them into bankruptcy. In such a situation, they had said, they would not rule out moving court against the Greater Noida Authority."
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  • Bank stopping disbursement of Loan

    Originally Posted by vkumar1
    This is not for NE Projects - This is for all their projects in Main Noida, Ghaziabad, Meerut etc. All these projects are in peril.
    Forget about NE, that is already a gone case!



    Hi,

    As per what I am experiencing at present, Vkumar is correct as the Banks have even stopped disbursing loan installment for Noida projects also.

    In my case, Bank of Baroda official conveyed to me that they have temporarily suspended all further disbursal of home loan installments to Builders in Noida even, till 4th August, the date by which the ultimatum given by the farmers to Noida auth runs out, and Banks are prefering to wait and watch as to how the situation unfolds thereafter

    regards
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  • Today I got SMS confirmation for Home Loan sanction from HDFC bank in Noida sector 120 project
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  • Originally Posted by fritolay_ps
    Today I got SMS confirmation for Home Loan sanction from HDFC bank in Noida sector 120 project


    sanction and disbursement are different. kindly confirm the same when first cheque is given by bank
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  • project?

    which project?

    Originally Posted by fritolay_ps
    Today I got SMS confirmation for Home Loan sanction from HDFC bank in Noida sector 120 project
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  • Originally Posted by gabru_no1
    which project?


    RG Residency
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  • Originally Posted by anubhaviit
    Banks have stopped payment for prateek laurel also. they are waiting for court verdict. prateek is not involved in NE projects. i suppose others who have something in NE and Noida 7x , bank will never disburse amount for their projects. ultimately builders with multiple projects will fall like a pack of cards.


    Hi Anubhav, What is the source of your Prateek Laurel financing information ? Which bank are you talking about ? Some of my friends took the new cheque today only from HDFC. Could you clarify ?
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  • RG residency

    I have also booked a flat in RG residency before 10 days. Lets hope everything goes ok with this RG project.
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  • I just checked with HDFC bank - Sales Manager (My friend)..No issue with any project in Noida.
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  • Originally Posted by chaubey
    Hi Anubhav, What is the source of your Prateek Laurel financing information ? Which bank are you talking about ? Some of my friends took the new cheque today only from HDFC. Could you clarify ?


    its from bank of baroda
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  • This could be a possibility as BMW focus will now shift for financing the next elections and the builders are flush with money which they can siphon off showing as fictitious expenses.
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