Faridabad: Savings gone, 700 buyers await possession of flats for 14 years

Bijendra Ahlawat

Faridabad, June 24

For over 700 buyers, owning a home in a builder’s society here remains a dream even after 14 years. Despite paying around 60 per cent of the amount, they are yet to get possession.

Home Buyers paid Rs 142 crore

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The minimum estimated money paid by the buyers is Rs 142 crore. An average sum of Rs 20 lakh has been deposited by 712 applicants and 350 flats are lying unsold. About 70 per cent of the 868 low-rise floors are in a semi-finished condition and around 125 families are living there. The construction of the high-rise section was abandoned after the foundation level. Here, the applicants shelled out between Rs 15 lakh and Rs 44 lakh.

“The builder has gone bankrupt and the matter has been pending in the National Company Law Tribunal (NCLT) for several years,” says Jitender Bhadana, a home aspirant. There has been no construction since 2014 and the agony of homebuyers continues as they face financial losses and mental stress.

“I have been cheated of my hard-earned money. I have already paid 75 per cent of the cost,” says Renu Wadhawan (63), a widow and a retired teacher. She had dipped into her life-long savings to set aside Rs 18 lakh for a flat.

“Though around 2,200 flats were to be built under high-rise, low-rise and EWS categories, only a handful of applicants received possession of ‘unfinished’ low-rise floors, and that too without proper documents,” says another applicant, Sunil Kaswan.

“Around 700 applicants have paid between 50-95 per cent of the cost in the high-rise project, but there has been no progress as the matter is in the Insolvency Resolution Process (IPR),” he says, adding that “I am still paying loan instalments with little hope under the prevailing circumstances.’’ With no way out, the affected families might boycott the Assembly poll, he claims.

While no one from the IRP (NCLT) was available for comment, Amit Madholia, District Town Planner (DTP), points out that the Town and Country Planning Department had no role since the case is with the NCLT. The department stands to lose EDC (external development) and IDC (internal development) charges in such cases.