EMI for Homebuyers may inflate due to stuck registries of flats in NoidaPropertyWala.com

Along with delayed housing projects city buyers have got a new problem. As registries of thousands of apartments stalled, homebuyers began receiving messages from banks demanding an additional 2% per annum at fixed prices. Both state-run and private banks are sending the notice.

These notices from the bank indicate the reason for the delayed registration of the apartment. They referred to certain matters mentioned in the letter of sanction, which was signed between the buyer and the bank at the time of the home loans.

Under these conditions, the buyer of the apartment must present the documents in connection with the conclusion of the sales deeds no later than 60 days after being offered the possession letter by the developer. If no document submitted, the buyer must pay an additional interest of 2% per year in addition to the applicable rates. As the bank will charge mandatory interest rates and increase the balance on a monthly basis. The non-payment of these fees may affect the buyer’s credit rating in the future.

Buyers of apartments in the sectors dedicated to the development of Sports City have suffered the most. Many buyers who sent new messages approached the district’s central bank manager to intervene.

Issues between Noida Authority and Private developers

Narendra Kumar, central government official, bought a 3 BHK apartment in Civitech Stadia in sector 79 in March 2017, said. “Several months ago, I received a notice from my bank that I should pay additional interest. Since I did not submit sale deeds after receiving possession of the flat, they quoted part of the agreement letter. Kumar paid Rs 68 lakhs for his apartment for a loan of Rs 58 lakhs. Kumar monthly EMI of Rs 56,500 can be increased by at least Rs 5,000 if an additional 2% interest applies.

Narendra Kumar received a loan five years ago, said he was responding to the notice and awaiting a decision soon. The buyers of the Sports City project were offered their own apartments. They have been living in them with their families for the past three years. However, due to issues between the Noida Authority and private developers who develop residential complexes in sectors 101, 78, 79, 150 and 152, the execution of sales contracts or registrations has been delayed.

Even after paying the land premium, the developers of the Sports City project are not able to sign a tripartite agreement with the Authority and the buyer, as they have not built the infrastructure or sports facilities in accordance with the rules.

Vedas Ratna, manager of the Lead bank, said that a meeting will take place in the near future. We are talking to more banks and we will accept applications from affected buyers in a meeting with the district magistrate. We may need to contact the Reserve Bank of India for further instructions.