For siblings Abhay and Sanjay Acharekar, perhaps leasing out their property to the public sector Dena Bank in a Mumbai suburb was a prudent decision to earn rent without any hassle. But when they decided to sell out their property and asked the bank to vacate it, the brothers soon realised they have stepped on to a sticky wicket.

Representational image. AFPRepresentational image. AFP

Representational image. AFP


According to a story published on Moneylife
, “Dena Bank is trying every trick to avoid vacating its branch office” the lease of which “has expired over 32 months ago”. Ironically, the bank has now let loose its legal team and is attempting to seek “compensation” from the brothers for daring to sell the property.

The property is in Govandi and the lease expired in 2012.

“All the tenants except Dena Bank willingly vacated the property and gave us possession of their respective premises. Dena Bank, however, has not vacated the occupied premises despite the lease expiring almost 32 months ago,” Abhay Acharekar told Moneylife.

The bank is still occupying the premises despite two written ‘unconditional’ assurances on 6 October 2012 and on 11 July 2014 that it would vacate the property in two-three months. Meanwhile, the bank is trying all legal options to penalise the Acharekar brothers for “selling” the property without informing the tenant.

This however may be difficult for the bank as the laws and the commitment it made do not favour it.

This delaying tactics used by Dena Bank will only make property owners think twice before renting their premises to other banks. This in turn may give headaches to banks themselves, especially in a land-starved city like Mumbai.”—Moneylife said.

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Dena Bank adopts land shark tactics, refuses to vacate Mumbai property: report