Government Should Safeguard Home Buyers In India
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There is a long list of ongoing real estate projects in India that have been delayed significantly or are completely stalled. Such projects span across mid size cities like Agra/Bhopal/Lucknow/Jaipur/Pune to metros like NCR/Delhi/Mumbai/Hyderabad/Bangalore.
People like us from various walks of life ranging from salaried employees to small and mid size businessmen booked a home with a dream of better life. However currently we are bound to pay EMIs as per the home loan agreement with the Bank and also have to pay rent for our current rented houses. Most of the projects are stalled completely or almost making no progress at all. Builders are out of money and they are not approachable at all. Home buyers are loosing their hard earned money and at the same time not able to find any ray of hope.
One possible solution would be that Government intervenes in such cases and create a body which can coordinate between Development Authorities, Builders, Banks and Buyers. Bodies should take note of all the financial transactions of the project. Sell or mortgage unsold inventories. Collect pending money if any from the buyers and involve Development Authorities to complete these projects as per the initial agreed terms. Penalizing builders is important however at the same time saving law abiding tax payer's hard earned money is also Government's responsibility.
This is one of the possible solution. Government intervention is any other form would also be welcomed.
Please support this petition to save our hard earned money.
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