In an order of the Allahabad high court, the court passed the judgement regarding returning of land to the farmers. It has left the developers with no choice but to repay the loans and refund money to the buyers. The developers later have to refund their money which they paid to the government for the land in three villages. There are also banks that have given home loans and funded the projects. The land is to be returned to the farmers by the builders according to court orders. This also compels the developers to refund the money of the buyers. Many experts of the real estate industry are suggesting the developers to offer flats to the buyers in their projects.
The banks have also planned out their strategy to recover the amount of loan. They have decided to ask the customers for the repayment of loan which they have taken for buying the loan. In case the customers have not received their money from the developers the bank will not force them to recall loan. The bank in this type of case will first approach the PBI for discussions and afterwards it will have a look at final exposure. The customers of the bank who have taken loan will not be held liable for fraud as there is no fault on their part.
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