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In a call for quicker action, a group of Unitech homebuyers rallied in front of the Supreme Court complex, pressing for an expedited timeline for their long-delayed housing projects. These homebuyers, exceeding 20,000 in number, have been in a decade-long limbo waiting for their apartments, despite the Supreme Court's intervention and subsequent government takeover of Unitech.
The homebuyers' association voiced their discontent, stating that despite the government's takeover of Unitech and the appointment of new management over three and a half years ago, the construction of their homes has remained stagnant. "Not a single brick has been laid," they noted, highlighting the gravity of the situation. Many of the homebuyers have since retired, and the dual burden of paying off their loan instalments (EMIs) and rent has become a formidable challenge.
Furthermore, the association demanded a priority hearing by the Supreme Court for the completion of their long-stalled projects. They also referenced an order by the National Consumer Disputes Redressal Commission (NCDRC) advocating for refunds to homebuyers who had requested it. The association contended that this provision should be extended to all homebuyers, not only those over 75 years of age or facing medical emergencies, as currently stipulated by the apex court.
To facilitate financial closures for the completion of the projects, the association sought guidance from the Supreme Court for various stakeholders, including licensing authorities and banks, to accept financial losses or "haircuts". This move, they believe, could expedite the process of project completion.
In addition to these demands, the association expressed hope that the government would grant access to the Special Window for Affordable and Mid-Income Housing (SWAMIH) stress fund for Unitech projects. This fund could provide much-needed financial assistance to the stalled housing projects, bringing relief to the beleaguered homebuyers.
As the Unitech homebuyers' protest underscores, the need for transparency, accountability, and swift action in housing projects is more pressing than ever. With thousands of families left in a state of uncertainty, it is imperative for the government and related authorities to make decisive moves that ensure timely project completion and restore the faith of the homebuyers. The ongoing situation serves as a crucial lesson for real estate developers, government bodies, and judicial institutions on the importance of consumer rights and the dire consequences of disregarding them.
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