Ittina builders always had a dubious reputation in terms of the quality of their work and fraud cases. Given the focus of our portal we thought of covering this very important news so that it gets more coverage.

36 software engineers had taken housing loans running into crores of rupees to pay Ittina builders for their flats in ITPL, Whitefield. But later it was discovered that all these flats were already mortgaged to Karur Vysya Bank.

Ittina builder had hypothecated these 36 flats to Karus Vysya for funding. Ittina builders not only defaulted on their debt but also went ahead and sold these flats to these techies. The techies then got notice from the bank and were asked to vacate the flats which they will eventually have to.

I hope people become more vigilant and conduct appropriate due diligence before entering into such trades. Even the banks who gave loans to these home buyers should be punished as they are required to verify all documents and the title before sanctioning the loans.

News source: Deccan Herald