Logix Zest: The long lost dream to own the house

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Logix Zest: The long lost dream to own the house

I have taken a loan of 17 lac from the bank

Logix Zest: The long lost dream to own the house

Noida: 38 years old, Inder Raj Singh who currently lives in Pune, had purchased a studio apartment in Logix Zest in 2011. This was Inder's first investment for which he took a loan of 17 lakhs.
"I have taken a loan of 17 lac from the bank, 14 lac disbursed so far. Haven't received any response from the builder after 2014 as the project was stalled. I and many buyers like me have been waiting for our flat for the last 10 years for this which we have already paid 80% of the cost.” said Singh.

Homebuyers of Logix blossom zest, sector 18, Noida are waiting for their dream house for the last 10 years and still counting. For the buyers, this means a struggle to repay loans in these uncertain times as they wait for their dream house. Among many, this is the story of Inder Singh.

Singh purchased this flat when he was not married but now he is married and has a son. The buyers of Logix blossom zest alleged that the project started 10 years ago & is still 70 percent incomplete. Moreover, the builder owes land dues of Rs 290 crores to Noida Authority against this Blossom Zest Project.

Credit: Supplied

"My son is 6.9 yr old. Coming from a middle-class background, I face a lot of issues. As my son started going to school,  I also have to pay his school fees. Along with that, Loan Emi, and my rent in Pune. We have to cut short our daily expenses because of all these unavoidable expenses. I have been paying EMI’s for this stalled project till date ", said Inder.

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Singh said that the project was expected to be ready within 2 years and they were told that if delayed then the buyers would be given +18 months of grace period. Beyond that point, the buyer would get 5 rs/sq ft as compensation.

"This was my life's first investment which I hoped would appreciate by my middle age. Thereafter, I would sell off this and buy a bigger house, but till date I'm waiting for my house. I have done an NCDRC case against the builder via association. Moreover, from the situation we have filed a police FIR  against the builder but that got closed because of some unknown reasons. I tried to meet the builder in Dec 2020 but no one was available in the office and then I tried to approach the site. The guards did not allow me to go inside the building and not even allowing me to meet residents in Sat-1 and Sat-2 for which the builder has given possession to few people", said Inder.

"Many buyers were not able to tweet in the beginning, then our team members supported each other and conducted online teaching sessions for each other. It was somewhat effective as we were not able to make it trending. We were able to connect many people, activists, and buyer groups of other projects that were in the same boat of agony and grief", said Inder.

Singh said that the banks are equally responsible for this. “They scrutinize the builder before offering a loan, as they issued timely payments which were requested by the builder. Moreover as per the Tri party agreement which happened between the three parties: me, builder, and the bank. I haven't seen my Tri party agreement that was mentioned in my Tri party agreement as I'm in a different town right now and the people who are having the Tri party agreement mentioned that the pre-Emi is the responsibility of the builder not of the buyer till we get the possession of the property. So we're trying to raise another case against the banks.

I took a loan from HDFC Bank and they're not reverting over the email as of now. I have requested my Tri-party agreement. We are verifying with the lawyers on the same to just verify if we can stop our EMI's without affecting our Cibil score and banks may impose any additional interest if we stop EMI’s without any interim petition response from court. But this thing is in the pipeline", said Inder.

The buyers have made many efforts till now from asking the authority for inspection to visiting the Rera office but at the end, their eyes still wait to see their dream house.