Delay in Mantri project leaves homebuyers in lurch
The dream of owning a house of their own in Bengaluru has turned into a nightmare for many families, a majority of who are middle-class. Not only has their hope of owning a home come under a cloud, they are getting sued for defaulting on their loans for a home that does not exist. In 2014, Mantri Developers, a known name in the real estate sector, had published advertisements of a scheme where buyers had the option of paying a down payment of 20% with the remaining 80% paid through a bank loan serviced by EMIs. The project, named MantriWebcity and located on the Hennur Main Road near Southern Asia Bible College in north Bengaluru, was marketed as a web themed township. What lured the buyers was that Mantri promised to pay back the EMIs for the first three years before the possession of the flat as part of the agreement after receiving 20% of the cost upfront from the buyers. Moreover, buyers also had the option of choosing to sell their property at the end of three years and get double the amount invested. However, buyers were told that the home loan for this project should only be availed through Punjab National Bank (PNB), to which the buyers agreed As promised by Mantri, the first group of apartments were set to be delivered by mid-2015, but much to their distress, buyers allege that even in March 2019 there has been little progress in the work. As many of the buyers struggle to pay PNB the EMIs apart from having to pay rent for their current residence or make alternative arrangements elserwhere, they have been served legal notices.
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