The ordeal of home buyers in Greater Noida West (Noida Extension) has not ended yet. Now, the builders / promoters in the area have started cancelling old bookings of those investors who are unable to pay their monthly instalments.
Despite an assurance from the CREDAI (Confederation of Real Estate Developers), NCR, nearly 12 bookings have been cancelled till date.
House buyers have alleged that the developers in Greater Noida are not following the directions of CREDAI. On recently, the NEFOMA (Noida Extension Flat Owners Members’ Association) decided to stage a protest at CREDAI’s office in Delhi on September 21, 2012 against the builders on the issue.
Mr. Vijay Trivedi, Deputy Chairman, NEFOMA said, Banks are still apprehensive & have not resumed loans to buyers, who had got their loans sanctioned before the Noida Extension crisis started. Banks are not even sanctioning loans to new buyers. So we are unable to pay builders / promoters monthly instalments. The builders can not cancel bookings as buyers are not at fault. All developers / builders are putting pressure on buyers to either pay 10% more and resume instalments or face cancellation. We are being harassed.
Mr. Annu Khan, President , NEFOMA, said, “The builders are not paying any heed to CREDAI (NCR) directions. They openly refused to obey the directions NEFOMA is in contact with CREDAI India’s Vice President Mr. Gitambar Anand. We had written our problems to them, but we did not receive any reply from them yet. Builders / promoters have started sending demand letters to buyers. Besides, buyers are being threatened too. They are told that if they do not pay within a week, their allotment will be cancelled. Some builders / or promoters have demanded interest. Some members of NEFOMA had met the CREDAI (NCR) vice-president, Mr. Anil Sharma, a few days ago. He had promised that existing buyers’ bookings will not be cancelled and demands will not be raised till banks start giving loan”
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