Buyers have to pay EMIs also after the initial investment in the Noida Land
When Supreme Court upheld an Allahabad high court order cancelling the land acquisition in Sahberi village, the builders had offered to relocate the initial 6000 homebuyers out of 26000. But still buyers have little prospect of relocating to another apartment in the same area and on top of that they will also have to keep paying installments on post-dated cheques or risk being branded as defaulters by the banks.
“Even if the flat is not delivered, the buyers have a personal liability. So, they have to pay or else banks will take legal action,” said the chairman of one of the largest banks in the country. He as well as his colleague at the head of another Mumbai-based bank said the lenders would try to resolve the issue.
Over 15,000 more buyers in the other villages of Noida Extension are living on tenterhooks with an impending sense of doom. Their fate is likely to be sealed by the time the week is over.
While builders are yet to give a firm commitment on how they plan to deal with the problem whose magnitude is increasing every day, bankers say they have little choice but to keep presenting the post-dated cheques for collection of EMIs.
Many buyers, however, want to cut their losses now. They say it is time to quit as they see no light at the end of the tunnel. “Things are not looking good after the Patwari denotification by the HC. Till now we were hoping that things would work out but obviously it is time to quit as there is no hope now,” said Ravikant Pandey, whose dream home was shaping up in Mahagun MyWoods.
“I just want my money back now. I will never think of investing in Noida or Greater Noida again as there are too many problems here,” said Anshuman Prusty, another buyer.
Buyers are also complaining of builders evading their queries. “I have not got my refund and neither do I know the status of my booking. The developers are not giving me a hearing and keep telling me to get the information from their website. I really do not know what is going to happen to my money and my flat,” complained Amitesh Mishra, who has cancelled his booking at Supertech`s Ecovillage-II.
Economic Times
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