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FM not announcing relief in EMIs invites ire of citizens

FM not announcing relief in EMIs invites ire of citizens

New Delhi: People in Delhi-NCR were left disappointed as Finance Minister announced no relief to those paying various EMI to banks, considering uncertainty in salary distribution due to unprecedented coronavirus outbreak.

Majority of residents from these cities are in distress as they have taken home, business car and other loans, hence they were expecting some relief in payment besides postponement of EMI for three months.

It may be noted that the region comprising Noida, Greater Noida, Gurugram, Ghaziabad, Faridabad have over over 30 lakh newly constructed/under constructed flats and majority of their investor have invested them through loan.

"Majority of people booked their flat before 2010 and are paying EMIs without having possession. Since complete lockdown is imposed, people are uncertain about their salary, stucked payment. Since govt has announced package/relief for various sections, concern of investors cum

flat buyers must be addressed. The government, in order to provide relief, should order banks not to take EMI for three months," said Indrish Gupta, co-founder Noida Extension Flat Owners Association (NEFOWA).

"Delhi NCR is hub of flat construction hence attracts investment of billions of rupees. The government earns revenue through investees but ignores their plight. Even during the difficult situation, they have left us on own mercy. No mention of buyers/investors issue in today's announcement has left us disappointed, said Laxman Kumar, an investor in a major reality firm in Noida," Gupta said.

Now since an uncertainty looms over jobs and business, how people will bear the burden of EMI. Can a person pay installment by sitting at home, said another NEFOWA member.

The government should provide some relief through loan subsidy, interest cut beside other measures. Their ignorance towards middle class strata is a serious concern, said an office bearer of Noida Extension Flat Members Association (NEFOMA).

Even students are overburdened as they are not able to pay EMI for the goods such as mobile, washing machines and other electronics items, they purchased on EMIs. "My father has told me to reduce my budget as he may not receive his salary next month," said Amit Kumar, a flat buyer from Amrapali in Greater Noida West.

Rohit Gupta, a Noida resident and who works at a private firm in Gurugram said: "I do not know how will I manage paying both EMI and rent. I am not expecting salary on time. I was hoping the minister to provide relaxation until the situation improved," he said.

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