A group of homebuyers in Noida and Greater Noida, who are waiting for delivery of flats, has written to finance minister Arun Jaitley, urging him to instruct all banks to stop collecting EMIs from homebuyers who have not yet got possession of flats. The homebuyers, under the banner of the Noida Extension Flat Owners’ Welfare Association (NEFOWA), said they were facing the double burden of having to pay EMI for undelivered flats as well as rent for accommodation in which they are currently staying. “We are already paying rents and each year rents are increasing. Builders have taken 95% of the total payment. We have made an appeal that until we get our houses, banks should be asked not to take EMIs. This will take some financial pressure off the buyers,” said Indresh Gupta of NEFOWA.
The letter said in Noida and Greater Noida, there were more than 5 lakh homebuyers who were paying EMIs to banks without any hope of getting flats in near future. “Many leading builders have either become bankrupt or serving jail sentences. Construction work at the sites has been disrupted and we have lost all hope,” Gupta said. Buyers also said several politicians, including Jaitley, had said in the past that the government would be sympathetic towards them until they get possession. “We want the government to take action, hear us out, and enforce the completion of flats,” another homebuyer said.
