'Cherished dreams, blissful mornings, laughter and memories,' the slogan attracted Arijit Suri's attention when he booked his dream home at Supertech Hues project located in sector 68 in 2015. The booking was done under the subvention scheme and he was promised to get the possession of his flat by 2018.
Subvention scheme is a loan scheme wherein the developer pay interest on the home loans on behalf of the homebuyers. The scheme is usually valid for a certain period of time, which is typically the duration under which the project is constructed.
At the time of booking, Suri never imagined that his dream of buying a home will soon turn into a nightmare due to delayed possession, high EMIs, home rent, and other expenses. "I purchased the flat for Rs 90 lakhs under the subvention scheme. After my subvention period is over in October 2017, my bank started charging for EMIs. Initially, the builder kept his promise and provided the EMI amount through RTGS and later through cheques. Now the builder is avoiding to pay for the EMIs, which is putting immense financial pressure on our family," said Suri.
Suri's is not the only one who is suffering, there are many other homebuyers are facing a similar problem.
Pavnesh Garg, another homebuyer said, "Under the scheme, I have paid 10% of the price of the apartment at the time of purchase and the rest balance is paid by a bank to the developer. Even during the subvention period, builder defaulted in paying the interest on the a loan which he took on three-party agreements made between builder, buyers and banks."
"We are not supposed to pay the EMI until we get the possession, while the project is under construction. We are being unnecessarily harassed by the bank recovery agents." Garg lamented.
Similarly, the homebuyers of Supertech Azalia located sector 68 are also complaining about the delayed possession of their flats. They fear that they would not be getting their home any time soon with construction taking place at a low pace.
The homebuyers complained that the builder is not listening to their problem and whenever they reached out to them, they were given false assurance.
Now, as many as 200 homebuyers have come together and warned the builder to clear dues of EMI balance and speed up the project construction.
“It is not possible for middle-class people like us to pay rupees 70,000 per month along with our monthly rents and other obligations. We are continuously following up the matter with the senior officials of the developer, we also have a meeting with Supertech MD on August 19 in this regard. We are looking forward to find a concrete solution during the meeting, if we don’t get it then then we will not hesitate to launch a Maha-Andolan against the developer," said Dinesh Kumar, another homebuyer.