Pune News : Residents of Gagan Emerald Society in Kondhwa Distressed as Loan Notices Imperil Homes; Builder Allegedly Absconding
In a distressing turn of events, residents of Gagan Emerald Society in Kondhwa have found themselves embroiled in a potentially dire situation. Allegedly, the builder of the society has deceived them, leading to notices from a finance company being placed on 26 flats that were mortgaged by the builder, despite being sold to the residents.
Saleem Ansari, a resident of one of the affected flats, expressed the residents’ predicament, stating that they had purchased the houses in the society in June 2017. Unbeknownst to them, the builder had taken a loan from a finance company called DMI Finance by mortgaging the 26 flats, even after selling them to the residents in August 2017. Since then, there has been no response from the builder, and on April 19, 2023, the finance company placed notices on the 26 flats, revealing the loan taken by the builder against the residents’ properties. Despite assurances from the builder and his partners on April 29, 2023, no resolution has been provided for the situation, leaving the residents in distress for nearly three months.
Shockingly, on June 23, an auction notice was released by DMI Finance, announcing the sale of the 26 flats, with bidding announced for the properties. On July 12, officials from the finance company were scheduled to inspect the flats. In response, the residents have stationed themselves outside the society, prepared to explain to the finance company officials that they are the rightful occupants of the 26 flats. They possess all necessary documents, including sale deeds, to prove their ownership. The root of the problem lies with the builder, who mortgaged the flats despite selling them to the residents and providing possession.
Another resident, Ashpaque Shaikh, shared the plight of being caught up in this fraudulent act, stating that he had purchased a flat in 2017, taking a loan to finance it. In April 2023, he discovered that the builder had already mortgaged his flat to the finance company and taken money against it. Frustrated and helpless, the residents have filed a police complaint against the builder for this fraudulent act, hoping for a stay on the notices to prevent any action by the finance company.
Amid the distress caused by outstanding loan notices in Gagan Emerald Society, Azim Shaikh, a resident of one of the affected flats, highlighted their proactive approach. They have compiled a list of all 26 flat owners, along with relevant details, to demonstrate the ownership of the flats to the finance company officials. Additionally, a complaint has been lodged with the Commissioner’s office in the hopes that it will prompt the builder to address the situation after receiving notices. The total value of the 26 flats amounts to approximately Rs 100 crore, with the complete fault lying with the builder. Although efforts to file an FIR have been ongoing for two months, it was finally filed three days ago, with repeated requests for all the necessary documents.
Another resident, Sohel Rathod, who has been residing in the society for five years, described the abrupt arrival of DMI Finance officials in April. Without registering their entry with security, these officials placed notices of symbolic possession on the flats. This incident unveiled the revelation that the builder, Sushil Agarwal, and his partners had mortgaged the flats to DMI Finance since August 2017. The residents had purchased the flats in December 2017 with loans from HDFC Limited. The perplexing aspect for them is how they were able to obtain bank loans if the properties were already mortgaged. Some flats were sold and then mortgaged by the builder, while others were mortgaged first and subsequently sold to the residents. Despite not being at fault, the residents are now subjected to inspections by DMI Finance officials. They urgently appeal to the authorities to investigate the matter and promptly resolve it.
In their proactive pursuit of justice, the residents of Gagan Emerald Society are taking decisive steps to safeguard their homes. Their united efforts aim to ensure a fair resolution and bring an end to the turmoil caused by the loans that imperil their living situations.
The residents have compiled a list of all 26 flat owners and their details to demonstrate to the finance company officials that these flats rightfully belong to them. They have also filed a complaint with the Commissioner’s office, urging intervention to resolve the chaotic situation. The total value of these 26 flats amounts to approximately Rs 100 crore, and the residents firmly place the blame on the builder. Despite their attempts to file an FIR, bureaucratic delays impeded the process until recently.
The builder, Sushil Agarwal, could not be reached for comment.
Vivek Gupta, Loan Recovery Head at DMI Finance, confirmed that in 2017, Sushil Agarwal had mortgaged several properties, including 26 flats from Gagan Emerald Society, for a substantial loan. The outstanding amount to be recovered stands at Rs 100 crore, prompting the inspection of the 26 flats.
The Kondhwa Police Station Officer Santosh Sonawane said, “We are actively searching for the builder, who is currently absconding. Authorities are diligently investigating the matter, with the intention of locating the builder soon.”
The residents of Gagan Emerald Society are left in a state of distress and uncertainty, appealing to the relevant authorities for immediate resolution of this unfortunate situation. Their daily lives have been severely impacted, and they eagerly await a swift resolution to this unjust predicament.
