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PNB Housing Finance Takes Over Vipul Ltd Project

BY Realty Plus

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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.

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Tags : ALLIED PNB Housing Finance BSES developer Vipul Ltd