Homebuyers protest Orbit project auction in Mumbai

Q: Homebuyers held a protest at Orbit Corporation's project in Andheri at the project site against auction of the property.

Ares,

16th July 2015

Real estate News in Andheri East, Mumbai

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lic housing finance

orbit corporation

projects in andheri

sarfesi

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Replies (2)

Hey Guys,
Do you know that the LIC Housing Finance took possession of the property in December 2013 after the developer defaulted on loan of 96 crore, out of total dues of 250 crore on the loan taken in 2008.

Mritunjoy Deb,

16th July 2015

Comment

Really Mritunjoy,
It means the developer had hide the matter from the homebuyers. Now i understood why about 35 home buyers went on protest for 4 hrs.

Aveek Paul,

16th July 2015

Yes Aveek,
So far, Orbit has sold about 295 apartments in this project and nearly 100 homebuyers have formed a group to stop the auction of the project.

Mritunjoy Deb,

16th July 2015

@Mritunjoy,
I tried to talk with one of the protester and came to know that the company has sold certain flats to homebuyers and also mortgaged them to the lender. This may result in some of them losing their homes. But the company is not ready to accept this truth.

Aveek Paul,

16th July 2015

Hi ares,
The reason of the auction was Orbit Corporation's default on loan repayment dues. Because of that the LIC Housing Finance has put the project on the block. Think about those homebuyers who has booked property in that project. They have deceived by the builder.

Aveek Paul,

16th July 2015

Comment

Hi Aveek,
As per the latest news, LIC Housing Finance has invited bids for nearly 1 lakh sq-ft in this project through a public notice under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFESI) Act, with a reserve price of 125 crore for the project.

Sishir,

16th July 2015