With uniform proposal on anvil, aggrieved home buyers see glimmer of hope
With uniform proposal on anvil, aggrieved home buyers see glimmer of hope
Praveen Dwivedi
With uniform proposal on anvil, aggrieved home buyers see glimmer of hope
Photo: City Spidey

With uniform proposal on anvil, aggrieved home buyers see glimmer of hope

After the Supreme Court’s suggestion to the government to bring an uniform solution to protect interest of home buyers, many home buyers of different stalled projects are eagerly waiting for the government's proposal which would be presented before the court on Thursday.

Since last many years, the flat buyers have been moving pillar to post and demanding the government to intervene on their issue and provide a solution. The direction from the apex court in this regard has once again revived diminishing hopes of home buyers.

When most of the flat buyers are hoping for a solution, there were also aggrieved buyers who were also pessimistic. They said that there is very little hope from the government. The reason as they said was their bitter experiences from the past.

A flat buyers in Amrapali project, Shweta Bharti said, “It is not the first time when the Court has asked the government to intervene and resolve the issues. In Amrapali case, the top court had recently observed that it may direct Greater Noida Authority to take services of state-owned NBCC or other real estate firm to complete stalled housing projects. But, what happened? The authority expressed its inability because of unavailability of fund to complete these projects.”

“Of course, we have high hopes from the government but we will have to see what proposal it will present before the court on Thursday. It a larger issue where lakhs of home buyers are waiting for a solution from the government, but the government has only two days of time to respond,” Bharti, who has been waiting for flat in Amrapali project in Greater Noida, added.

Pramod Kumar, a flat buyer in Jaypee Infratech group, alleged that with the introduction of Insolvency and Bankruptcy Code (IBC), the situation has become more complicated.

Kumar said, “Giving status of financial creditors to home buyers is not a final solution when there are many loopholes in it. Home buyers have not been considered under secure category despite the fact that in Jaypee Infratech project, home buyers have paid around Rs 14,000 crore and bank have paid around Rs 5,600 crore but they are considered under secure category.”

On government’s uniform proposal which is supposed to be presented before the court on Thursday, Kumar said that be it Jaypee, Amrapali or other real estate firms in Delhi-NCR, the government is aware about all the developments. Flat buyers have been protesting at regular intervals in Delhi, Noida and Greater Noida.

“NBCC has shown interest to take over both Jaypee and Amrapali’s stalled projects. Hence, the government is undoubtedly aware of all situations and proposals made from the NBCC. The government must step forward to resolve flat buyers' issue,” Kumar added.