Over 5000 middle class buyers of Noida Extension apartments are in terrible situation. They are the sufferers of the conspiracy of the developers and Greater Noida Industrial Development Authority. Buyers were never told that the land was the subject of the court dispute. Now the buyers are in the dilemma. Either they have to bear the interest on the loans they had taken from the banks or agree to the terms of the builders who are suggesting them to take flats of any other project. The buyers are seeking refund but the buyers says they will deduct the penalty and refund the amount. Also, the banks are not ready to refund them the interest buyers have already paid for the loans taken. This is a double whammy for the buyers as many of them have invested their life time savings to purchase their dream home in Greater Noida.
Bankers have suggested buyers to relocate to a new project of the same builder so that the buyer don’t lose on the interest amount, but this would be completly on the mercy of the builder, they would charge current rates which are high and may not give any discounts. Forget about the lifestyle the buyers were dreaming.
In these circumstances, buyers have no other option but to go to the Supreme Court. The lawyers are also suggesting buyers to settle down with the builders but some of the lawyers are ready for court.
Those who have invested their hard earned incomes and life-time savings in buying houses should definitely get justice, they deserve it. This mess is created because of the GRIDA and the developers, then why should the buyers suffer.