Last month, the State Bank of IndiaBSE -0.18 % took over a housing project in Kolkata because the developer had defaulted on repayment of dues to the tune of Rs 176 crore. The Teen Kanya project was promoted by the Bengal Shelter Housing Development, a joint venture in which the state housing board has 49% stake. Therefore, its repossession by the SBIBSE -0.18 % has come as a shock for the 400-odd families that have invested in the project.
Most of the buyers had put money in the project because the state housing board was involved. The project is only half complete and the investors are now contemplating legal action to safeguard their investments.
Read moe >> Click here
No comments :
Post a Comment