Builder lobby often cheats home buyers: PM Narendra Modi

GHAZIABAD: Prime Minister Narendra Modi harped on the challenges faced by home buyers of NCR during the course of his speech in Ghaziabad on Wednesday by pointing out the irregularities prevailing in the housing sector

"Whoever wants to reside in Delhi heads towards Noida and Ghaziabad for a home. Homebuyers invest their life's savings in flats in the region. But many of them are duped by the builder lobby who do not hand over the flats on time. The flats are sold to whoever offers more money. In many cases, the flats that are delivered are not built according to plan," Modi said.

The layout areas of the flats that are delivered are less than the areas that is promised at the time of booking flats, he added.

He said Ghaziabad is adjacent to Delhi and should have been planned and developed like a big city. "It was the responsibility of previous governments to make necessary laws for middle-income homebuyers. Our government at the Centre brought the Real Estate Regulation Act soon after coming to power," the PM said.

"Now, builders have to deliver flats with the same parameters that they promise at the time of selling houses. They can be jailed if complaints of irregularities are found true," he added.

Borrowers on base rate stands to gain by converting their loan to MCLR with the same banker or else transfer the loan to (refinance) another bank on MCLR.