“This is the only option we are left with. No one is listening to us, I paid almost 90 per cent of the home amount in the hope of getting it on time. I never missed a payment…. I feel cheated,’’ Gupta said.
Thousands of home owners across housing projects owned by Jaypee Infratech and Amrapali Group are running out of options as both head for National Company Law Tribunal (NCLT). Jaypee Infratech is among the 12 big corporate loan defaulters against which the Reserve Bank of India has ordered initiation of insolvency proceedings. The company had a debt of about Rs 8,000 crore as of March 2017.
Representatives from both these projects have met everyone from Noida land authorities, senior police officials in Economic Offences Wing (EOW), civic authorities and the erstwhile Chief Minister of Uttar Pradesh Akhilesh Yadav as well as the current CM Yogi Adityanath. But till date, no one has found any solution or has been assured of any concrete action.
“We finally thought, we have tried everything, now let’s just ask God for help,” said Acharya Shiv Kumar Sharma, the priest who conducted the ceremony. He also owns a flat in Amrapali’s Dream Valley project.
Every weekend home buyers in Jaypee Infratech’s projects meet at the site to either hold a protest or discuss the next plan of action. They are now planning and organising a seties of agitation to ‘’create noise and shake the authorities out of their slumber,’’ one of the buyers said.
“I pay Rs 15,000 as rent and around Rs 20,000 as EMI. I put my life’s savings in the project. For me this is my end all and be all. I have no other option but to fight. My weekends are spent going to protests, meetings and reaching out to the builder’s office. If I could, I would devote 100 per cent of my time to this,” said Amrit Kumar, a home buyer in a Jaypee project.
Consumer rights activists are demanding immediate government intervention in these real estate
projects that have impacted around 60,000 people.
“Home buyers are financially starved; they do not have the wherewithal to fight these developers. The government, at the Prime Minister's level, now needs to intervene and come out with laws that would help these people either get their money back or get the projects completed. This should be treated as a national issue now," said consumer rights expert and founder of Consumer Online Foundation, Bejon Misra.
Home buyers are not the only ones suffering. Joining them in their protest were more than a 100 employees of Amrapali group who have not been paid their salaries for the last 11 months. The company has also allegedly withheld their provident fund money and has not given their Form-16s.