Allow Moratorium on Delayed Residential Projects
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Residential projects across India are delayed by several years with no solution visible in near future especially with builders shamelessly stating scarcity of funds while they continue to build and deliver commercial projects. While these builders, some of which are big names of realty sector in India are to be blamed for cheating the common men of this country the banks and housing finance institutions are equally to be blamed for allowing this to happen and turning a blind eye to the miseries of the common men who have contributed to financing the growth of this country. While institutional investors and banks have secured their loan through collateral guarantee, individual investors who have invested their hard earned money and have emptied their lifetime savings are left to fend for themselves. They continue to pay for their rental accommodation as well as for the EMIs towards repayment of their loan, a substantial part of which is the interest on the principal amount borrowed to fund the purchase of a house of which there is every possibility, they may never get in their lifetime.
Real state regulatory authority is a step in the direction to address this wrong doing but as the end result for the existing projects is nowhere in sight especially with builders stating to scarcity of funds. People of this country desperately need to see if the Government OF the People is Really a Government FOR THE People. As an interim measure for providing relief to the common man, least the government can do is allow for a moratorium on repayment of home loans till the time such delayed residential projects are completed.
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