A dream home,now a nightmare

Pandey said the company had promised to move his flat to one of their other projects if Phase-3 is declared disputed. “If it is unacceptable to us,they said they’ll return our principal amount. The problem is if I take my money back,I will not be in a position to buy a flat anywhere else because property rates have gone up by almost 20 per cent in the past one year,” he said.

Pandey works as a general manager in an Okhla-based private firm and lives in a rented flat in Ghaziabad with his wife and two children.

“This is our first house. My wife is an LIC agent and we had carefully planned how to work out the family’s finances with the loan instalments,” he said.

There was also a 37-year-old banker who said regular updates that Supertech used to send earlier,had stopped for past three-four days.

He said he had booked a two-bedroom flat for Rs 21.70 lakh in Ecovillage II in 2010 and had already paid more than Rs 8 lakh. He claimed his bank had refused to sanction even the staff loan,after doubts were raised about the land acquisition in Shahberi.

He also claimed that despite repeatedly demanding the allotment papers,Supertech failed to give him any. “It has been more than a year since I booked the flat. But I was never shown the allotment papers. The officials here have also told me that the land lease needs to be paid by Supertech in nine years. How can they then give us the possession in three years? The bank has also objected on these grounds,” he said.

Other investors also said their banks,including Axis and IDBI,had refused to sanction loan instalments.

Digpal Gosain (39),who is from Uttarakhand and works with Dabur,said he had booked a two-bedroom,ground-floor flat in Ecovillage for Rs 14.75 lakh. Gosain said he took a loan from IDBI Bank and had already paid 95 per cent of the total cost.