Video Editor: Prajjwal Kumar
Cameraperson: Athar Rather
Camera Assistant: Ilhak Tantray
What would you do if you booked your dream home with a builder and ended up facing harassment from recovery agents at your doorstep for a loan you never intended to take? That's the miserable situation I have been in for years.
In February 2016, I booked a flat at Logix Blossom Zest in Sector 143, Noida under a subvention scheme, with an option to withdraw the booking within two years in return of my investment with interest.
I had paid around Rs 2.4 Lakh for the booking, and when the two-year period was about to end, I emailed Logix, the builder, saying that I wanted to withdraw my booking.
Logix initially assured me that they would return the money. But after my repeated emails and their assurances, the refund never happened.
'Despite Surrendering The Flat, EMI Got Deducted'
In 2018, since the booking was made under a subvention scheme with Tata Capital Housing Finance Ltd was one of the partners in the tripartite deal, an EMI was deducted from my account. I immediately emailed Tata Capital. Everything was resolved, and they refunded the EMI.
But, sometime later, I started getting calls from Tata Capital, saying that I have taken a home loan. I told them that I had surrendered everything, but they told me that the loan had already been sanctioned.
I questioned them on how the loan could have been sanctioned. The flat was booked under the subvention scheme, and the loan should have been sanctioned only after two years, by which time I had already surrendered the flat.
Then the pressure (from Tata Capital) started escalating. Loan recovery agents started showing up at my home. Throughout my lifetime, I have never had a single cheque bounce or defaulted on any payment. Despite this, they started visiting my home, causing me and my family embarrassment.
I've not only lost my money but also my reputation has been ruined. I didn't get the flat, and the recovery agents create a scene near my house.
I even spoke to Tata Capital and Logix Group, requesting them that if the money has already been paid, they should either give me the flat or pay the money back to Tata Capital... Somehow, just resolve this issue.
'Harassment Has Escalated To Court Notices'
Tata Capital had sanctioned the loan from its Lajpat Nagar branch in South Delhi. But I don't know why, they deposited the cheque in Jaipur.
The cheque was issued in 2016 – and I was informed in 2023-24 that the cheque had bounced. And now, I am being served court notices. I am very frustrated.
In 2022, the National Company Law Tribunal (NCLT) declared Logix Blossom Zest insolvent — and appointed an IRP (Insolvency Resolution Professional).
When insolvency proceedings were initiated, I got an email after which I registered for the claim. But with this, too, three years have passed and I don't see any resolution coming anytime soon.
Amid all of this, homebuyers like me are getting crushed. I dreamed of owning a flat, but that dream never became a reality.
Sources Close To IRP Told The Quint...
Trying to understand the fallout of homebuyers like Shah Arshad Ahmad, The Quint reached out to the NCLT-appointed management taking care of Logix Blossom Zest.
A source close to IRP informed The Quint, "Several homebuyers, like Ahmad, booked flats when the company introduced a buyback scheme in 2015-16, offering a two-year window for homebuyers to return the flats. We don't know why that didn’t happen."
As per our sources, around 1,700 homebuyers have been waiting for possessions at Logix Blossom Zest for close to a decade.
"Since 2022, the matter is with the NCLT. We have been doing our best to resolve the issues of homebuyers," added the source.
(The Quint has also reached out to Tata Capital Housing Finance Ltd for a response. The story will be updated as and when they respond.)
(All 'My Report' branded stories are submitted by citizen journalists to The Quint. Though The Quint inquires into the claims/allegations from all parties before publishing, the report and the views expressed above are the citizen journalist's own. The Quint neither endorses nor is responsible for the same.)