"We would like to clarify that any of our recovery action is against the builder only and not against the flat owners. Therefore, we have initiated steps to withdraw the notices immediately," the bank said in a statement.
Families residing in Noida's Sector-75 Gardenia Gateway were served with bank notices to vacate their houses by August 20, after builder -- Manoj Rai -- failed to pay the loan reportedly taken in 2015.
The bank also sent separate intimation to the residents informing that the notice stood withdrawn.
"This is with reference to the intimation dated Agust 5 requesting you to vacate the premises in 15 days as a part of the action initiated against the builder M/s Gardenia India Ltd due to their default in repayment of the loan availed from our Bank. In this regard, we hereby inform you that the said intimation has been withdrawn with immediate effect," the letter to the flat owners read.
The bank's moves came after the Apartment Owners' Association representatives met bank officials and complained to the police and the RERA.
Apartment Owners' Association president BS Lavania said "We have been living here since 2016 and have already paid the full cost of flat to the builder."
The flat owners had also held a meeting with the builder who has assured them that he will pay the money.