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Buyers are Dying due to Burden of EMI, Rent and School Fees

This petition had 12,808 supporters

We, the home buyers of Noida, Greater Noida, Noida Extension (Greater Noida West), Faridabad, Gurgaon or The Whole NCR, Mostly we have booked our flats in year 2008, 2009, 2010 so on, However, there is no sign of getting our home even after 7-8 years of booking. To have a home of its own is no less than a dream of a man and he saves each penny to buy a home one day. So, are the buyers in NCR.

After putting all our hard earned money into buying a flat and after paying 80-90% of the flat amount, we have been waiting for over 7-8 years. There is no development taking place and most of the builders have halted the work. Apparently because they are not getting enough money from the financiers. Looking at the construction progress, there is no sign of even getting our flat in next 3 years or so. Where are the buyer at fault? Is it a crime to have a dream of a man to have a home of his own?

We as buyers, booked our flats because the authority had given the approval to builders to build homes and banks were financing the projects. Since then, we have been paying our EMIs to the banks along with the rents in our current accommodation. Not to forget that the rent is increasing every year and the school fees of our children are increasing every year. Banks are silent because they are getting their money through EMIs regularly, Authority is silent because they have got the money from builder. Where do we, the buyers go? In this nexus between builder, bank and authority, it is we the buyers who are bleeding and suffering. Every day and every month, we are draining our hard earned money with no sight of getting our homes in any near future.

If we fail to make payment of fees to our children’s school on time, they will be thrown out.

If we fail to make the EMI payments on time, banks will further add interest and penalty on us.

Being people from the lower middle class families, we believe that we have got into the spiral of draining our money and banks and builders have cunningly trapped us. We booked the flats because these were being financed by the banks. Then how can the banks wash off their hands? They certainly have a stake on this and they cannot remain silent and keep taking our EMIs.

Given the situation we have been put in, we, the buyers of NCR are compelled to stop paying our EMIs to the banks from coming month onwards until we actually get our homes in possession.

This is the last thing we could have done and sincerely hope and request our honorable Prime Minister, honorable Chief Minister, and honorable Reserve Bank of India to intervene on the matter and resolve.

I request to all home buyers to support this so that our voice can reach to the concerned authority, and stop paying EMI, so that government can listen us.

Thanks and regards,

Satish Kumar

 (Home buyer)                                          

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