Tenants forced out after bank reprisals on building owner, Real Estate News, ET Real Estate

Bangalore: but there was a lot of drama Aishwarya Apartment In Shivnagarnear RajajinagarOn Thursday evening when over 20 families found that their rented flats were suddenly sealed by bank officials in an attempt to claim dues from the owner of the building, who was the guarantor of a bank loan on which the borrower, A mining businessman, had made a mistake. ,

Women and senior citizens were among those thrown out of their apartments. Bank officials have not yet released any statement on this incident.

“We were shocked. Some bank officials reached the building around 11:30 am, asked us to move out of our homes as the owner of the building had failed to repay the loan and sealed the doors. Claimed they were taking control of the flats following a court directive, though we had no clue,” said some panicked residents.

official from Canara Bank It was claimed that the owner, identified as SM Shivanna, had provided surety for a loan of Rs 6 crore given by the bank to Shantakumar, a Tumakuru-based mining baron in 2016. Since the businessman had not repaid the loan, the bank said it would have to attach the property of guarantor Shivanna.

Shivanna’s relative Sasikumar told reporters: “We are not the principal borrower, we are one of the guarantors. Instead of confiscating the property of the borrower, the bank officials climbed our building as its market value is high. Besides, the matter is pending before the High Court and is scheduled to be heard on Friday.

Sasikumar said: “They left only after the court pulled up the bank officials.”

Tenant Rajegowda said: “The bank officials showed some old documents as the reason behind their action and asked us to leave. They were also not considerate towards patients and senior citizens.” Another resident, Navya Narasimhamurthy, complained: “The bank staff were extremely rude. They even entered the women’s PG accommodation and asked the residents to move out.” One of the residents of the PG accommodation said: “Many of us are from faraway places, some even outside the state. We were scared as there was no place to go.”