Duped homebuyers still paying EMIs

NOIDA: For the last two years, homebuyers have been fighting a legal battle with little hope of finding reprieve and recovering their hard-earned money. Even as more than 300 buyers — who invested in Shiv Kala Charms housing project in Greater Noida — wait to get justice, they continue to pay lakhs towards EMIs towards home loans.
Duped of money between Rs 10 lakh and Rs 55 lakh, many homebuyers are still paying their loans to “abide by the law”, but many others have halted their mortgage payments. Several others who have paid a lump sum to the developer fear a total loss of their investment. “Besides paying Rs 5 lakh to the builder, I have paid an EMI of Rs 11 lakh already to LIC Housing Finance (LICHF). I paid the last instalment in November,” said Prashant, a homebuyer. “I stay in a rented accommodation and was to move into my 1350 sq ft home in 2010. Today, saving my investment has become a distant dream. Moreover, the legal fight is costing me dearly and my family and I have to deal with extreme stress,” he lamented.
Another homebuyer, Vivek, has paid more than Rs 25 lakh towards EMI. “Every month I pay Rs 35,000. The fact that I may never be able to see my home is not lost on me but I continue to hope for reprieve,” Vivek said.
The buyers booked their flats in 2009 and were to get possession in 2010. Two years later, buyers are now questioning the diligence of finance institutions in sanctioning loans. Many allege that banks have colluded with the developer as they granted multiple loans to different buyers over the same properties. The fact that the developer’s lease was cancelled by Greater Noida Authority should have been in their notice, they said.
“We have proof that 48 flats are non-existent and exist only on paper. Fifteen flats have been financed twice by LICHF,” Prashant claimed.
“This incident is a warning to anyone buying property without required checks. Buyers need to be aware and conduct a thorough check on the developer whose project they plan to invest in,” said Ashok Lal, counsel for homebuyers.