Bank of Baroda stops home loans to Gaur City-1 project

Last Updated: Thursday, November 29, 2012 - 16:31

New Delhi: Bank of Baroda has stopped releasing home loan instalments to flat owners in Greater Noida (West) in Uttar Pradesh, particularly Gaur City-1 project, in view of an ongoing litigation, the government informed Parliament Thursday.

"Yes, Sir", Minister of State for Finance Namo Narain Meena said in a written reply in Rajya Sabha to a question whether Bank of Baroda has stopped releasing the next housing loan instalments to house owners in Greater Noida (West), particularly Gaur City-I in view of litigation against acquisition of land by companies.

"Bank of Baroda proposes to release the housing loan instalments after the final judgement of Supreme Court," the Minister said .

In view of the ongoing litigation, Meena said, "Bank has adopted a cautious approach for resuming the sanction of fresh home loans and also in releasing further disbursement in home loans already sanctioned in Gaur City-I and other projects in Noida Extension and Greater Noida, till legal position is crystallised."

The Minister further said that Union Bank of India and Corporation Bank have "resumed releases" of home loan instalments.

He further said that the order of the Allahabad High Court granting approval to the Master Plan 2021 has been challenged in the Supreme Court. "The...SLP (Special Leave Petition) is at service stage," he added.

Meanwhile, Uttar Pradesh too had filed a petition in the Supreme Court in connection with the issue, the Minister said, adding "no interim stay order has been granted by the Supreme Court."

Under the Master Plan 2021, which was approved by the NCR Planning Board, construction and development work could be undertaken in the Greater Noida.


First Published: Thursday, November 29, 2012 - 16:31

More from zeenews

comments powered by Disqus