PNB Housing: PNB Housing Finance takes over Vipul Ltd Project after default – The Economic Times

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.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s