Mahagun Homebuyers in Ghaziabad Protest Delayed Possession of Flats
‘Paying rent and EMI... it’s double the pain’: Mahagun homebuyers in Ghaziabad protest delayed flats
The Indian Express
Image: The Indian Express
Homebuyers of the Mahagun Montagge project in Crossing Republik, Ghaziabad, are protesting due to significant delays in the completion of their flats. Many buyers, who have already paid substantial amounts, are burdened with both rent and home loan EMIs, leading to financial distress.
- 01Homebuyers are facing delays in possession of flats at Mahagun Montagge, originally promised by 2021.
- 02Around 800 out of 930 buyers are affected, with many paying both rent and EMIs.
- 03The project has received multiple extensions, with the new completion date set for June 2028.
- 04Buyers have filed complaints with the Real Estate Regulatory Authority (RERA) and plan to approach the Economic Offences Wing.
- 05Financial strain is particularly severe for families relying on these homes for stability.
Advertisement
In-Article Ad
Homebuyers of the Mahagun Montagge residential project in Crossing Republik, Ghaziabad, are expressing their frustration over significant delays in the completion of their flats. Many buyers, including Mohit Sharma and his family, who booked their 2BHK apartment in November 2021, are now paying ₹20,000 in rent while also managing home loan EMIs. The project, which began in 2016, was initially promised for completion by 2021 but has since been delayed multiple times, with the new deadline extended to June 2028. Approximately 800 out of 930 buyers are currently affected, leading to protests outside the builder's office. Complaints have been filed with the Real Estate Regulatory Authority (RERA), and buyers are seeking a financial audit of the project’s escrow account to ensure timely possession. The financial burden is particularly heavy for families, with many having invested their life savings in these properties, hoping for stability and security.
Advertisement
In-Article Ad
The delays have caused significant financial strain on homebuyers, forcing them to pay both rent and EMIs, impacting their overall financial stability.
Advertisement
In-Article Ad
Reader Poll
Should stricter regulations be implemented for real estate projects to protect homebuyers?
Connecting to poll...
Read the original article
Visit the source for the complete story.