Stop the EMIs of NCR homeowners of unfinished houses

Stop the EMIs of NCR homeowners of unfinished houses

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brijraj singh started this petition to Minister of Finance India and

The Problem

The real estate boom in the past decade led to a sudden rise in the development of real estate projects in NCR (National Capital Region) Area. Hundreds of Real estate developers, some with experience some without experience started buying pieces of lands and started developing projects in this rather unmanaged eco-system. Since population rise is also a reality, lacs of people started buying houses in these projects.

The developers soon started playing the delay game wherein they would channel the funds collected from buyers to buy more properties and hope to collect more money from new projects to finish older projects, some went a step further to buy houses, send kids to foreign countries, buying jewelry and expensive cars. Its not rocket science to guess all projects were famously delayed, some by few years some by almost a decade now and some would probably never get completed.

In most cases, Buyers would have paid almost 90% of the amount by taking a huge loan from banks and a triparty agreement is signed which basically puts the most liability on poor home buyers.  Even if the project never completes the bank would keep getting their EMI and if the home buyer can't pay EMI the bank can further prosecute the buyer and take him to court. The builders, however, knew that Indian judicial system however strong but would never pass a blanket verdict which can apply to all, so people can file cases and each case will take its sweet time. 

The problem is so severe that almost anyone you know in Gurgaon, Faridabad or Noida knows a person or him/herself is a victim of this fraud.

The govt however after a lot of hue and cry made RERA kind of toothless authorities who couldn't do much other than publishing schedules of construction.

The banks are relaxed and they have the muscle to get their due from buyers even if they have to go to court because they have lawyers on their payroll, the buyers, however, will always have to fight on multiple turfs.

What we want 

We urge the Ministry of Finance and Ministry of Urban Development to take cognizance of  the matter and find a solution like (stopping EMIs until a project is on speed). We are not absconders who would run away from the country but the banks can at least do us this favor, we are not the ones at fault here the banks were also supposed to check credibility of the builder and the actual status before releasing the money to them.

  Please sign this petition so we could forward this to both the ministries and make our voices heard. 

 

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