Harassed homebuyers stop paying EMIs

Experts say move to make matters worse for buyers

Gautam Chatterjee, a buyer in Jaypee Wish Town’s Kosmos project, has stopped paying his equated monthly instalment (EMI) to ICICI Bank for an apartment he was supposed to start living in three years ago. 

He is not alone. According to the various homebuyers’ support groups of Jaypee Infratech and Amrapali Group, more than 1,500 buyers have stopped paying EMIs. Many because they know it is a bad investment and putting in more money would be futile, and others because it is becoming difficult for them to sustain the financial stress.

Experts, however, believe that stopping the payment of EMIs will only make