Housing woes: Builder's default is buyers' pain

Approach debt recovery tribunal to prevent lender from taking physical possession of the project

The woes of home buyers don’t seem to end. After grappling with indefinite project delays, many are now facing issues with developers defaulting on loans and lenders threatening to take possession of the project.
 

Central Bank of India recently issued a ‘symbolic possession’ notice for real estate developer HDIL’s project at Kurla, Mumbai. The project started in 2009, is already delayed and the recent development has added to buyers’ worries. Despite the delay, Supriyo Rana, 32, bought a flat in the same project in 2015 after paying the token money. However, when he applied for a home loan, his bank