Fear Losing My ‘SRS Royal Hills’ Flat as Builder Defaulted on Loan

Canara Bank is seeking symbolic possession of the flats.

My Report
3 min read

Video Editor: Ashutosh Bhardwaj
Video Producer:
Aastha Gulati

On 15 September, flat-owners of ‘SRS Royal Hills’ housing society in sector 87, Faridabad held a protest rally against SRS Real Estate Ltd and Canara Bank. While the flats were handed over to us in 2014, the builder did not register most of these despite several pleas.

Construction of the project started in 2007 and more than 1,500 families, or 5,000 residents, booked their dream homes in this project. By 2015-16, flats in the entire project had been sold off. Buyers were happy to get possession of their dream homes, but they kept asking the builder about when their homes would get registered. The builder had initially promised registry within a month of shifting; however, even after several follow-ups, the builder neither turned up nor registered all the flats.


Therefore, while all the flats had been handed over in 2016, only 200 had been registered by the builder. All we have had till date are false commitments.

Disappointed, buyers created an association in 2017 and filed a case in NCDRC (National Consumer Disputes Redressal Commission). Two years later, we are still struggling.

In November the same year, we were shocked to see a notice from Canara Bank, seeking symbolic possession of our flats under the SARFAESI Act.

After enquiry, we got to know that the builder took a loan of Rs 100 crore from Canara Bank, which he failed to repay. Now, the bank is trying to recover that money from innocent buyers.

We approached the Debt Recovery Tribunal in Chandigarh for a stay in our case. We also approached lender banks since they provided the loans to us on this property. We expected their help in hopes that they’d want to safeguard the interest on the loan amount, but we failed.

Several other buyers moved Haryana High Court. After several hearings, the court advised all the homebuyers to present the representation to Canara Bank with the payment details and other necessary documents. Canara Bank was asked to accept the representation and give an opportunity of personal hearing.

All residents have had a personal hearing, during which we were asked to verify some basic details. The NIL Balance ledger we presented before them confirmed that all dues were paid and there was no outstanding balance against us.

We were, once again, in for a rude shock when a DRT order on 11 July 2019 directed Canara Bank to recover money. Without hearing the buyers’ appeal, DRT Chandigarh issued the order in favour of Canara Bank. Canara Bank also moved NCLT to recover its money.

Two more cases have been booked against SRS Real Estate Ltd in the meanwhile. The builder, Anil Jindal, was arrested for cheating and fraud. Where does that leave us? Flat-owners are on the verge of losing their dream homes as there is no one to hear our voice.

(Canara Bank couldn’t be reached for comment.)

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