Amrapali Buyers
Img : deccanherald

In a recent development, thousands of Amrapali home buyers have threatened to stop paying the monthly installments in various projects they have invested in the past. They have strictly said that they will not pay EMI till the time they get clarity on their invested properties.

Elaborating on the concern of home buyers, Abhishek Kumar, president of Noida Extension flat owners welfare association (Nefowa) said, “The homebuyers demanded from the government and the court to provide an EMI holiday for a long time as they are financially overstressed as well as suffering from monetary loses.”

Kumar further said that they have appealed to the court to be provided with financial relief as they are left in the lurch. Homebuyers have also lost all the hopes of getting possession of the houses as they are stuck in a court battle and are incomplete too.

Advocate Kumar Mihir who is looking at the home buyer’s case in the Supreme Court called the demand valid. He said, “We have appealed to the SC that the buyers must be given an EMI holiday. Banks that have filed complaints against these builders are also the ones which have given loans to the buyers, so the banks are aware of the buyers’ difficulty. They should not just look on their part, they must think about buyers too,”

Welcoming this move, another founder of Nefowa said that apart from stoppage of EMI, we have also demanded for the refund of our interest we have paid to the banks from the last 5 years. We will pay EMI only when the flats will be handed over to us.

As much as 30 to 40 thousand flats of home buyers are stuck in midway after the Amrapali Group has declared them insolvent.