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Hyderabad News.Maytas Hill County. M Mahesh, California takes IDBI Bank and Maytas Properties to Court. IDBI Disbursed 100% for Non Existent Flats.

Hyderabad News. TOI 16.05.2010

(Excl Ventures News.)Role being played by banks in disbursing loans for projects like Maytas Hill County of Maytas Properties is now coming under close scrutiny. 

In the Maytas episode, crores of rupees were sanctioned in the names of several employees of the company, mostly working abroad, and all these monies were disbursed to the accounts of Maytas even though the promised flats were not constructed. What is more shocking is that several such non-existent flats were registered even in the names of gullible customers who paid hefty amounts by obtaining housing loans from banks like IDBI.

    Responding to one such complaint by an aggrieved NRI, the A P State Consumer Disputes Redressal Commission has issued notice to the IDBI Bank asking it to explain by June 2 the role of its officials in advancing huge amounts to Maytas Hill County project in Bachupally of RR district. The state consumer commission sought to know from the IDBI its answers to several serious questions raised by an aggrieved NRI customer, M Mahesh, who is currently working at California in the US who charged the IDBI officials with conniving with the promoters of Hill County.

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His case is simple. There was a tripartite agreement between Maytas, IDBI and him according to which IDBI would give him a loan of Rs 50 lakh for purchasing a flat worth Rs 60 lakh in one of the blocks (ninth floor of the Shimla Block) of the Bachupally project. He had to make an initial payment of Rs 10 lakh and the remaining Rs 50 lakh would be disbursed by the bank on instalments to the Maytas project. The date of agreement was on May 23, 2008 and the construction was to be completed by August 2009 and possession to be delivered by September 3, 2009. 

Though his ninth floor flat was not constructed at all (in fact the construction did not progress beyond 6th floor), the bank disbursed the entire amount to Maytas and even started recovering monthly instalments from the customer. The non-existent flat was also registered in the name of the customer. The customerís appeal to the bank to allow him to cancel the agreement due to the gross deficiency of service, fell on the deaf ears of the bankís officials.

    When STOI tried to know from the IDBI authorities as to why they disbursed the amount for a non-existent property, the bankís retail assets manager Sushanta Kumar Pradhan said it was done in accordance with their advance disbursement facility (ADF) extended normally to big builders. But he admitted that their bank is now shifting from this outright disbursal policy to stage-wise disbursal after their experience with projects like Maytas Hill County. Pradhan also admitted that registration of a non-existent flat is a gross irregularity. 

  The commissioner and inspector general of stamps and registrations department, B Aravind Reddy, said the main thrust should lie with the banker in such cases because at stake is his money. What can a sub-registrar do if a document is presented before him for registration as there is little scope for him to refuse to register, he asked. He will verify at random at a later stage whether the customer paid the correct amount for the asset that is registered, he said. Since the bank has more stake in such issues because it is its money that is being disbursed, it has to play a cautious role, he said.

    Now the petitioner in the instant case wants the IDBI Bank to refund the money that is already recovered from him, and stop the monthly recovery immediately apart from imposing heavy penalty on Maytas for its fraudulent methods.

Comment :

Its incredible that people who booked flats have to pay EMI even though their flats were not even constructed.  Bank should not have released funds to the Developer. Bank has to cancel the Loan Agreemnt and refuns all EMIs paid since they recovered EMI on non existent flat which was never constructed by Maytas. We hope to follow this case and report. Incidentally, all Maytas Buyers should approach courts. The judgements will be applicable to only those who fight Banks and Maytas. Others will be left high and dry.

Keyword TagsHyderabad News,Hill County, Maytas, Hill county Case, Mahesh California, IDBI Bank, Consumer Court Case, Bachupalli
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