Amrapali buyers happy with SC decision on subvention, but say more needs to be done

Amrapali homebuyers welcomed the Supreme Court’s decision to scrap penalties for defaulting on EMI payments, but added that the court needs to provide them relief in other capacities too.

Amrapali homebuyers heaved a sigh of relief after the Supreme Court scrapped all penalties on the interest levied on them under its subvention plan. However, the buyers have demanded relief on interest that was supposed to be paid by the builder.

"The subvention plan that was launched during 2015-16 had a bit higher per square feet rate as compared to the market. Under this scheme, there was no EMI to be paid by the buyer till the time of possession. However, the builder defaulted and the banks levied penalties on the homebuyers," said Dipankar Kumar, an Amrapali buyer who is fighting the case in court.

"The apex court has finally asked the banks not to levy any penalties on the buyers and all the NPA and degraded CIBIL scores shall be reinstated. This is a welcome move by the court. However, we need more relaxation as the buyers are paying the interest that was supposed to be paid by the builder," he said.

The homebuyers also said that the court must fix the accountability of the banks as they cannot charge the interest of builder to the buyer.

"The penalties are gone but not the interest. We will fight for the rights of the homebuyers who have invested their lifesavings in Amrapali and are now paying the interest since last many years. Hope we will get some relief from the court," said Abhishek Kumar, president, Noida Extension Flat Owner's Welfare Association (Nefowa).