There's a silver lining for homebuyers in Noida Extension as builders have assured existing customers that the burden of extra expenditure incurred due to the ongoing land rowwill not be passed on to them. However, buyers are still worried because pre-EMIs are being deducted from their accounts by banks that have given them housing loans.
The builders say that new homebuyers may have to shell out more than the current prices to cover the losses incurred by them if additional compensation is paid to villagers.
Speaking to TOI, NCR president of the Confederation of Real Estate Developers' Associations of India (CREDAI) Pankaj Bajaj said, "We are trying to safeguard the interests of existing homebuyers. Charging them additional amounts will be unethical," he said.
Supertech CMD R K Arora agrees. "The Authority holds the right to revise the purchase rates of land if they are forced to hike compensation, but we rule out passing on the burden to existing customers," he said.
The buyers, however, have not been able to get any respite from the banks. "I'm currently paying a pre-EMI of Rs 5,365 for my construction-linked home loan," says Rajiv Dixit, who has taken a loan of Rs 9 lakh for his 2 BHK flat in Panchsheel Greens-I. Buyers like Dixit feel that the banks should consider suspension of pre-EMIs till all issues are resolved.
Rinkesh Tyagi, another homebuyer who has booked a villa with Amrapali Leisure Valley, has paid around Rs 2 lakh to his bank as pre-EMIs. "No solution appears in sight while pre-EMIs keep on getting deducting from our accounts," said Tyagi. Homebuyers feel that RBI should take steps to ease their burden. "Our group has written to the RBI to consider suspending pre-EMIs till the projects get started again," said Rajiv Dixit. "We want banks to share the responsibility too," said Dixit.
However, private sector banks say they could face a financial crunch if thousands of homebuyers back out of paying back their loans. "If our customers want to stop paying EMIs, the only way out is to opt out of the loan agreement after paying back all disbursements," said a bank official. "If homebuyers do not pay, private sector lending institutions could face trouble and that will have an effect on other sectors as well," added the official.
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