Samiah Builder — samiah builder fraud fraud FRAUD FRAUD
M/S SAMIAH Builders have defaulted SBI loan
Please beware of small time builders. They have taken plot from NOIDA authority by paying 10% of plot cost.
After getting possession of plot, they have taken loans from leading banks by mortgaging the plot. Also, they take advances from buyers on CLP, flexi and cash down payment.
But if they default on the loan payment to bank, then the bank have the first right on the plot.
In the race to sell the flats, most of the small time builders attract buyers by offering rock bottom prices. But such builders are at the highest risk of defaulting both in terms of quality of the flats and also any loan which they have taken from banks after mortgaging the GHP plots.
M/S SAMIAH Builders have defaulted SBI loan and now the land of one of their project (SAMIAH Garden City, Hapur) is being possessed by SBI. SBI notice has come in today's delhi edition of TOI (page 11).
Please be wary of small time buyers.
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