Buyers click-start social protest #NoHouseNoEMI

NOIDA: Homebuyers gathered under the banner of Noida Extension Flat Owners Welfare Association (Nefowa) today kick started a hash tag movement on Twitter #NoHouseNoEmi.

The buyers are uniting on social media to further lead to an on ground movement where they wish to protest against the banks who have both financed the builders and offered loans to the buyers on unsound projects. "The buyers have all secured loans to buy their apartments. Now these investments are turning bad. The bank has to bear responsibility for this because when a project is offered a loan by a bank, it immediately gains buyers' confidence," Abhishek Kumar, president, Nefowa said.

Nefowa is calling for a two month strike on all buyers to stop their EMIs forany project which is overdue. "We call more and more buyers to stop paying their EMIs for two months. This will shake the banks out of their complacency. We have started a Twitter campaign and will soon take the protest on ground. We are presently building an outreach online to include more and more buyers to raise a voice against the banks. Just as the banks are holding the builders responsible for no-payment, we are also holding them responsible for not executing due diligence while approving projects," Indrish Gupta, co-founder Nefowa added. "This festive season we want to mark by raising a protest; no one should pay EMIs till they get an assurance on deadlines of house handovers," Sweta Bharti, general secretary, Nefowa, said.