Create Stress Fund and Stop EMIs for buyers of stranded projects in NCR

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Respected Sir,

Requesting your attention to around 1.5 Lakhs flat buyers in NCR who have been waiting for their dream home since more than last 10 years and faces a difficult present and an uncertain future.

Several Projects, including Amrapali, Jaypee, Unitech etc., are on hold for a variety of reasons including financial constraints, execution challenges, environmental clearances and Builder’s diversion of funds or insolvency, leaving buyers in lurch.

Consider the case of 40K buyers of Amrapali Projects in Noida\Greater Noida – many of whom booked their flats way back in 2009 but are still waiting for their flats. Many of them have paid near 100% of their dues towards builder.

Most of these buyers are middle class people and not investors. They had either invested their entire life time savings or have taken loans from various banks to book these flats. Since last 8/10 years, they have been relentlessly paying both the EMIs and Rents with little hope left of getting their flats. This delay in getting their flats have put them under tremendous financial pressure and have largely disturbed their planning for a bright future.

We, the suffering buyers, hereby request the Govt to take into consideration our plight and help us by-

 1.   Provisioning a Stress Fund – Immediately provision a stress fund for completion of such stranded projects. 

2.   Stop EMIs and Waive off Interest – Direct banks to Stop EMIs till possession is given to buyers of the stranded projects and waive off the interest for that interim period.

3.   Allow Tax Rebates -  Create tax provisions to enable buyers to seek tax benefits even if the builder fails to deliver possession of the house within 5 years.

A suffering Buyer