Will not repay our home loans if government does not help: Amrapali homebuyers

Amrapali homebuyers on Friday said they would stop paying their home-loan instalments if the government did not release “stress fund” to finish the stalled housing projects.

The decision comes after the Supreme Court(SC) directed the Delhi Police’s Economic Offences Wing to arrest Anil Sharma, chairman and managing director of Amrapali Group. The apex court also directed Delhi Police to arrest Shiv Priya and Ajay Kumar, directors of the group. Amraplai group had failed to deliver several housing projects in Noida and Greater Noida.

“The Supreme Court has directed the arrest of Amrapali directors for further investigation into our cases. But the question is how we will get our flats. We have decided not to repay our home loan until both the Union and state governments come forward to release some funds with which our flats could be constructed and delivered. We are set to start a campaign for this. We are ready to protest on roads if it does not happen,” said KK Kaushal, who had bought a flat at Amrapali Dream Valley project.

According to the National Buildings Construction Corporation (NBCC), which conducted a survey following an SC directive in 2018, a commercial project and 15 housing projects were started by Amrapali in Noida and Greater Noida. The firm needed to finish 46,575 units in the 15 projects and required Rs 8,550 crore to deliver them, the survey revealed.

The survey also said that Rs 3,853 crore could be raised by recovering Rs 3,883 crore from buyers who needed to pay the remaining cost of the flats and Rs 2,609 crore could be raised by selling unsold flats. “The NBCC can start construction and finish work but it needs funds for the same. Why can’t the government release a package and help us in getting the flats. A committee comprising of members from the central and state government has already advocated for a stress fund to be provided to revive the stuck projects. If the government does not do this, it means that it is not serious in helping buyers,” said Abhishek Kumar,member, Noida Extension flat owners’ welfare association.

“If the government will not help us and the Supreme Court’s final order on March 4 doesn’t help us in getting the flats, we will begin a protest to demand stopping home loan repayments to banks,” said Vijay Gupta, a homebuyer of Centurion Park project, Greater Noida.

Homebuyers also demanded that the government ask banks not to demand home loan instalments until the flats are delivered, failing which they can be declared defaulters.

“If they will not pay home-loan, the bank will term the buyer as a defaulter. Not paying home loan instalment will affect buyers’ profile because no bank will give him a loan in future. The bank cannot wait for a court’s decision in such cases. If a person has taken a loan, he has to pay it back as per rules,” said Jitendra Ojha, senior manager, Kotak Mahindra Bank, Noida.

First Published: Mar 03, 2019 03:22 IST