Minister promises no home loan interest for Noida’s Amrapali investors

Suresh Khanna, urban housing minister of Uttar Pradesh assured the investors of Amrapali Dream Valley that he will talk to Union finance and corporate affairs minister Arun Jaitley on waiving of interest on home loans. However, homebuyers are not convinced by the assurances.

A delegation of eight buyers sat with Khanna and Noida MLA Pankaj Singh in Lucknow, who had called buyers for a meeting. Homebuyers have been protesting and taking out funeral rally outside the Amrapali Group's corporate office in Sector 62 since August 12 demanding flat delivery. Buyers demanded concrete assurance from the government.The meeting was held between 7 pm and 8 pm.

“ We are not satisfied with the response of the state government. The minister said that the government will not infuse funds into stuck Amrapali project to revive it and deliver flats to buyers. He assured that they will enforce confederation of real estate developers association of India members to give funds and deliver Amrapali's sick projects,” said KK Kaushal, a buyer.

CM Yogi Adityanath in August had formed a three-member committee to address buyers' issues. The committee comprises industries minister Satish Mahana, Suresh Khanna and minister of state for industry and sugar mills Suresh Rana, who came to Greater Noida on August 31. The committee took a step further and said Amrapali investors need not pay the remaining flat cost to the builder until the builder readies flats for possession.

The Amrapali Group had in 2009 launched Amrapali Dream Valley project with a total of 47 towers in Sector Tech Zone-4. Of 12,000 dwelling units, around 8,000 flats have already been sold but the builder has completed only 40% of the construction. Homebuyers said they have already paid more than 80% of the total flat cost but the builder is yet to finish even 60% construction.

However, the minister refused to give a written assurance of his promises but assured help to safeguard buyers' investment.