Why should Banks not be penalized for delay in possession by the builder to the buyer!

Why should Banks not be penalized for delay in possession by the builder to the buyer!

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Vineet Srivastava started this petition to Central Government

The middle class family dreaming of owning a house has been taken for a ride by the criminal and shameless builders for years already! There are thousands of buyers who have invested lacs of Rupees of their hard earned money and even their  life time savings into the projects in and around  Greater Noida, Noida and other NCR townships in the hope of getting their dream homes in 3 to 4 years, however they are waiting for more than 8 to 10 years in most of the cases. Builders frame the BBAs in their own favour and buyers don't have any say in them. Builders impose penalties for the default in the timely payment of the EMIs while they don't put the similar clause in the BBA in case of default in offering timely possession to the buyers!! They offer pre-planned finance schemes in collusion with the Banks to them and promise to deliver their dream homes at the soonest. In most of the cases, Banks don't even care to check the authority approvals, necessary ownership and legal documents in respect of the property and agree to finance the projects! The builders get easy money and after completing the building to the stage of getting around 90% money from the banker on behalf of the customer stop all construction activities and take away all the money!! These cunning Builders even fake their Balance Sheets to show losses while at the same time continue to roam around the cities in their Mercedes and enjoy lavish lifestyles at the expense of the aggrieved buyers. On the other hand, the buyer becomes helpless as he continues to pay hefty EMIs along with rentals for his current accommodation and doesn't get his dream house and keeps waiting for his flat to be offered for the possession indefinitely. All reality authorities though meant to help buyers like RERA, NCDRC too take them for a ride and they too favour the builder and are really good for nothing which the buyer comes to know only after he has wasted couple of years chasing for their causes!! Even Police FIRs and criminal cases filed in EOW don't work at all due the their high level political approach!! We the buyers can't wait for indefinite time periods. Therefore, this is an appeal to the Central Government to pitch in and come forward to the help of the aggrieved buyers and provide them relief.

Thank you and regards

Vineet Srivastava

vineetsriv@gmail.com

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