Pune developers to pay EMI of laid-off clients

The shrinking sales of residential apartments have forced real estate developers in Pune to even pay the monthly home loan installments of their customers who have lost jobs due to the economic slowdown.

A large number of real estate developers have decided to pay up to three equal monthly installments (EMIs) of their clients who have received a pink slip.

The builders have also convinced a number of banks to delay the repayment of the capital amount of the loan for a specific period.

A large number of professionals working in automobile and information technology sectors have been laid-off over last three to four months in Pune. This has made it difficult for them to pay the EMIs of home loans they have taken to buy residential apartments.

The Promoters and Builders Association of Pune (PBAP), which represents more than 80 per cent of Pune's real estate developers, has come forward to offer a sigh of relief to its clients and ensure, the newly signed flat deals are not scrapped.

PBAP president Lalilkumar Jain told Business Standard, the scheme has been launched by more than 260 members of the association recently and said, more details on the same would be provided through a public announcement.

Rohit Gera, PBAP vice-president and Gera Builders executive director agreed to the fact the PBAP did not want flat buyers to back out from the deals just becasue they have lost job.