'We Broke SIPs, Sold Gold For Our Dream Home. All We Got Was Years of Waiting'

Mahagun Montagge homebuyers in Ghaziabad say they are struggling to pay both rent and EMIs.

Homebuyers of Mahagun Montagge in Ghaziabad's Crossings Republik say years-long delays in possession have derailed their lives.

(Image altered by Kamran Akhter/The Quint)

Everyone dreams of owning a house to live a stress-free life. But my dream has remained just a dream despite booking my wife and myself a flat at Mahagun Montagge residential project in Ghaziabad's Crossings Republik.

Until 2016-17, I ran a carton-box business, which had to be shut down. We always lived in a rented room, but as we grew older, I wanted us to own a flat. So, I borrowed money from my friends and family, used my savings, and booked a flat in Mahagun Montagge in 2017.

They had promised to deliver the flat by March 2022. It's been almost 10 years since I booked the flat, and it still hasn't been completed.

I have already made 90 percent of the payment for the flat, but even in 2026, there is no sign of delivery.

I am starting to doubt whether I will be able to get possession of my flat in this lifetime. I am over 70 years, and my wife also doesn't keep well.

I now have to pay rent, and repay the people I borrowed the money from. They say, 'If you don't get your flat, does that mean you won't pay us back?'

'Not Just Me, All Homebuyers Have Been Trapped'

Bhaskar Bose, another homebuyer who is also a senior citizen, is also struggling under the burden of living in the rented apartment. 

"I retired in May 2024. Just before my retirement, in January 2024, I booked a flat in Mahagun Montagge. I was verbally assured that the possession would be handed over in 2024, and that is why I invested here. But, at the time of the signing of the agreement, I was informed that the possession date would be June 2025. I've invested around 70-80 percent of my PF and gratuity money in the flat."

Bhaskar Bose

Bose retired as a finance manager from a private company. So, he doesn't have a pension, and of course, he doesn't earn any regular salary from anywhere. His only source of income is the interest he gets from his bank savings, a large portion of which, he says, goes on rent, maintenance, water and electricity bills.

"In total, my monthly expenses come to around Rs 30,000-32,000. It is very difficult to run the family on the leftover money," says Bose.

One of the other disadvantages of living on rent is that it increases every year. So, after a point, the rent increases so much that one has to vacate the house and look for cheaper options, especially for retired people like him who have a limited source of income. 

"Shifting houses involves moving all our belongings from one place to another. That, too, comes with huge costs, including transportation, installation, and uninstallation charges. All of these expenses have to be borne by us," Bose laments.

'Even Young Homebuyers Are Hit by Delays'

For Ashmita Rastogi, a marketing consultant at an IT company, this was her first big investment of her life. Now, she is facing the double burden of rent and EMIs.

"My husband and I booked a flat here in 2025 with the hope that we would move directly into our own home after our marriage. We were given the possession date of June 2026. We planned to manage the EMIs for a year and then shift into our flat. But now, we have the burden of paying the house rent, which is increasing continuously, and the demand for EMIs is also being raised by the builder."

Asmita Rastogi, Marketing Consultant

To make the downpayment for the flat, Ashmita sold her gold jewellery, which constituted a significant part of her life savings. Now, she says, the delays are causing her personal and financial challenges.

Deepak Sadhwani, an IT sales professional, had to break his SIPs (Systematic Investment Plans) and sell his equities to arrange for over Rs 20 lakh to make the downpayment for the Mahagun flat.

He had planned for the rental income that would help support his child's education. But the delay has derailed his plans as well.

"My son has just gone into Class 12. He will finish school in March 2027. He is going to appear for the IIT JEE. By August 2027, I will be paying his first installment of college fees and setting up his living arrangements for him, wherever he goes. I am not prepared for those expenses because I was expecting to earn about Rs 20,000 as rental from this property, which would have been directly transferred to his living expenses wherever he goes."

Deepak Sadhwani, IT Sales Professional

Deepak booked the flat for around Rs 64 lakh, for which he took a loan of Rs 40 lakh from HDFC Bank. Currently, Deepak is paying Rs 42,000 as EMIs for the repayment of the loan for the flat.

'We Request The Authorities To Step In'

Mahagun Montagge is a residential project of 950 flats, out of which 850 flats have been sold. Most homebuyers I spoke to are struggling.

We demand that the builder honour the possession commitments made to the homebuyers. We request the authorities concerned, like Ghaziabad Development Authority (GDA) and Real Estate Regulatory Authority (RERA), the body responsible for monitoring of real estate, to take action.

On the ground, we are currently not seeing any monitoring by RERA. We appeal to the authorities to closely monitor projects like these, where homebuyers’ money has been stuck for years and only limited construction has been completed.

RERA should actively participate in the process and help homebuyers get possession of their flats.

(The Quint has reached out to Amit Jain, Director of Mahagun Montagge, and his team via email, calls, and messages. The Quint has also sought responses from both RERA and GDA. Their responses are awaited. The story will be updated once their responses are received.)

(All 'My Report' branded stories are submitted by citizen journalists to The Quint and the views expressed above are the citizen journalist's own. The Quint neither endorses nor is responsible for the same.)