Highlights
- New tussle between builder, financial institution has put bigger question-mark on fate of residential quarters being built for people from economically weaker sections
- Applicants have knocked High Court door for justice
It doesn’t seem there is any hope on the horizon for residential quarters for people from economically weaker sections (EWS). As per the plan, the builder has to construct 1,512 residential quarters in 26 blocks with nine-storeyed structures with lift facilities in an area of 7.2 acres. However, 12 years since construction began, work is far from over.
Left with no other option, the applicants have filed a petition in the High Court seeking justice.
Now, the tussle between Sammaan Capital Ltd (formerly known as India Bulls Housing Finance Ltd) and BG Uday alias Uday Bindiganavale Garudachar of Garuda Maverick Infrastructure Projects Pvt Ltd and others has caused confusion among the prospective allottees of the EWS quarters. Sammaan Capital Ltd has issued a possession notice stating that the borrowers failed to repay the loan of Rs 560,46,88,497.
“The borrower(s) having failed to repay the amount, notice is hereby given to the borrower(s) and the public in general that the undersigned has taken symbolic possession of the property.
The borrower(s) in particular and the public in general is hereby cautioned not to deal with the property and any dealings with the property will be subject to the charge of Samman Capital Limited for an amount of Rs 560, 46,88,497 along with pending income tax deducted at source for an amount of Rs 3,42,55,350 as an 25.07.2024 and interest thereon,’’ the possession notice read.
Though the possession notice did not mention anything about the fate of residential quarters for economically weaker sections, the applicants and those who were evicted from the premises in 2012 are worried about their future due to the latest tussle between the builder and the financial institution.
It may be recalled that the land measuring more than 15 acres belongs to the Bruhat Bengaluru Mahanagara Palike (BBMP) which entered into a contract with Garuda Maverick Infrastructure Projects Pvt Ltd and others for the construction of residential quarters and commercial complex on the site.
With the borrowers failing to repay the loan, the financial institution has announced symbolic possession of the immovable properties at the land.
Expressing concern over the delay in work on the quarters, Isaac, a social activist, said the construction of the residential quarters has been delayed for more than a decade. “Not a single residential quarter has been handed over to the allottees so far,’’ said Isaac.
Prabhakar Rajendran, a social activist from Ejipura, said the construction of the residential quarters has been delayed on one or the other pretext.
“We have been demanding the authorities concerned expedite the construction of the residential quarters but in vain,’’ said Rajendran.
When informed about the possession notice, Uday B Garudachar, MLA, Chickpet, said the case is pending in the court.
Meanwhile, BBMP Special Commissioner (Estates and Revenue) Munish Moudgil said that he would check the records and ask the Zonal Commissioner to take action suitably.
