No loans to Gaur City-1 project from Bank of Baroda
New Delhi- The flat owners in Greater Noida (West) Uttar Pradesh (Gaur City I project) have stopped receiving the home loan installments from Bank of Baroda due to an ongoing litigation.
When questioned about stopping the loans, Minister of State for Finance, Namo Narain Meena agreed with it and stated that property is involved in litigation against acquisition of land by companies. The loan service by Bank of Baroda will be released only after the Supreme Court gives a final judgement.
However, according to Meena, the bank has taken up a cautious approach in order to resume the sanction of the fresh home loans followed by the releasing of the further disbursement in home loans which are already sanctioned in Gaur City-I along with other projects located in Noida Extension and Greater Noida until the legal position is settled.
Banks such as the Union Bank of India and the Corporation Bank have released their home loan installments. It was also stated that the order of the Allahabad High Court regarding the approval to the Master Plan 2021 has been challenged in the Supreme Court.
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