Buyers stage demo over delay in LICHFL houses

BHUBANESWAR: Inordinate delay in handing over houses being constructed by LIC Housing Finance Limited (LICHFL), a subsidiary of LIC, at Khandagiri Square here brought buyers to the streets yesterday. They staged a demonstration in front of the project site.
"We were to get possession of the houses by April 2013. But LICHFL does not seem keen on handing them over to us.The authorities are not replying to our queries, though we have made 90% payment," said LIC Care Home Allotees Association secretary Sibasekhar Rath.
He said LICHFL advertised for 240 flats in 2011 for people above the age of 50 with an initial hefty booking amount (50% of the respective flat cost). Depending on the category, the buyers paid Rs 15 lakh to Rs 19 lakh. About a year ago, the company asked them to pay another 40% of the total cost. "But the project is nowhere near completion. Our written complaints have fallen on deaf ears," said association president N C Behura.
"Without taking possession of the houses, we are paying more than Rs 20,000 as EMI," he added.
Behura said the buyers invested their hard-earned money since LICHFL is a PSU, but it took them for a ride.
Despite repeated attempts, LICHFL project in-charge R G Shinde could not be contacted for comments.