That is a valid demand raised by an aggrieved consumer located in the NCR: No Home, No EMI!
And it makes perfect sense in a democracy where culprits need to be caught and brought to books, not the poor victim---the affected party, in this case, the consumer of that costly brand!
The main point of the logic is this: After taking the consumers for a ride, the developers walk way almost unscathed. Even the banks do not get penalized for not performing their legal duties in a scrupulous manner. The only person caught is the hapless consumer--the typical middle-class home buyer, a voiceless entity in a nation driven by the politics of the vote banks and muscle power.
Of late, things are changing for good.
More and more buyers are organising themselves into blocks and holding protest rallies and raising issues against the triad of the corrupt and mighty builder lobby, bureaucrats and banks. NOIDA is a recent example where critical public opinion led to the current government assuring the implementation of model RERA in place of the diluted RERA brought in by the previous administration.
Now the time for considering the following points of the argument for not giving the EMIs to the banks that failed in their duty to properly scrutinize and monitor the documents submitted by the builders and check their claims, followed by a close monitoring.
If this has been done correctly, buyers would not land in a soup--and lose their hard-earned money.
Now, have a look at these points, please and decide on the merit of the argument advanced by a literate consumer, a home buyer:
- Role of banks in any real estate scam is one of the accomplices who lured home buyers by offering easy loans.
- Banks failed to check proper documents and outstanding liabilities toward land payments.
- Banks failed even in verifying or obtaining duly approved layout plans and maps.
- Banks also failed in verifying if all required approvals have been procured by builder and they never bothered to follow these up.
- When banks were aware of all these irregularities, why they went on sanctioning and releasing loans under various plans including subvention plan?
- Development Authorities who were supposed to monitor timely construction or developments also totally failed in their duties.
“When whole system has failed, why only buyers should get penalized for the mistakes of all these institutions?” asks the articulate buyer who refuses to be duped by the system mired in corruption and apathy; a system that does not prosecute the guilty but the righteous and the clean client.
Yes, indeed, it is a cogent case, worthy of being taken up by a competent court for further action and by the State for a thorough investigation by the agencies. Already such a campaign is on in the social media and it is hoped that it gets more traction in the coming days, thus, empowering the buyers.