Recession seems to be taking its toll on real estate projects in the NCR. And the most affected are buyers, who, despite paying builders in full, are still waiting for a home that does not seem to be coming their way any time soon. All their queries to builders are met with vague answers, or worse, silence.
But Greater Noida builders have started feeling the heat of homebuyers’ anger. Airwill Green Avenue Apartments in Sector Eta I, Greater Noida, witnessed a protest by buyers on Tuesday. Airwill, which started as an ambitious project in 2010, had promised buyers possession by 2014. However, even two years past the intended possession date, only the framework has been completed.
Gaurav Sharma, a buyer in the project, told City Spidey that other builders, such as Omaxe, who had started construction much later than Airwill, have already started giving possession of flats to buyers, but those who invested in Airwill still have no clue when they will be able to move in.
Another buyer, Sushil Pandey, said, “Every time we have enquired about the status of completion of the project, the managing director of the company has threatened us with dire consequences. We have a feeling the builder has diverted our hard-earned money into other projects, and we hapless buyers are left paying both home loan EMIs and rent.”
On the other hand, the marketing manager of the apartments, Alok Sharma, has sweet promises to make to buyers, giving them dreams of beautifully done-up flats very soon and pegging the delay in possession squarely on labourer strikes.
Homebuyers, however, know better.