Clipped from: https://economictimes.indiatimes.com
The lender had sent a notice to the Bombay Stock Exchange listed developer in February, demanding repayment of the loan given against its project Aarohan Residences in Gurgaon.
New Delhi: PNB Housing Finance LtdNSE 2.63 % said it has taken possession of about 19 acres and 138 unsold units of a Gurgaon-based project owned by Vipul LtdNSE 3.03 % following a default by the developer on a Rs 377 crore loan.
“The borrower failed to repay the amount, and we have taken constructive possession of the property on May 20,” PNB Housing Finance said in a notice to the developer, a copy of which was seen by ET.
The lender had sent a notice to the Bombay Stock Exchange listed developer in February, demanding repayment of the loan given against its project Aarohan Residences in Gurgaon. Both Vipul and PNB Housing Finance did not respond to queries emailed by ET.
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