While protesting, they said that the developer allegedly diverted funds of Rs 350 crore, which were paid by individual home buyers
Around 50 home buyers of Logix Blossom Zest, a under construction group housing project in Sector 143, Noida on Saturday staged a protest outside the developer's office in Sector 16.
While protesting, they said that the developer allegedly diverted funds of Rs 350 crore, which were paid by individual home buyers against booking flats in the group housing project. They complained that completion of the project has now been delayed by several years.
Ankush Madan, a home buyer said, "We paid up to 95 per cent of cost of flats to developer of the group housing project. But the possession was delayed by over six years."
According to sale and purchase agreement between buyer and seller(builder), the developer had promised them that keys would be handed over to respective buyers within a period of two years from the date of booking. Since then, eight years have passed away, but home buyers are desperately waiting for the keys.
They said that the developer has invested the amount collected from each buyer in some other business due to which, the project is still incomplete. Home buyers of Logix Blossom Zest have even sought CM Yogi Adityanath's and PM Narendra Modi's intervention for possession of homes.
Madan said, "We have been running pillar to post for the possession of our homes. But we are yet to find a solution to our everlasting wait. All this forced us to stage a protest to mount pressure on the developer for giving us the possession. We tried to meet developer at his office, but were stopped at entry gate. On duty security guards did not allow us to have meeting with developer."