PNB Housing Finance Takes Over Vipul Ltd Project

PNB Housing Finance Ltd has taken possession of about 19 acres and 138 unsold units of a Gurgaon-based project owned by Vipul Ltd. 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. 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.