August 20, 2025: Owning a dream home has long been the ultimate aspiration for India’s middle class. But for lakhs of homebuyers, that dream has turned into a financial nightmare. Chartered accountant Meenal Goel, in a LinkedIn post that has gone viral, claimed that over 4.3 lakh buyers across the country are stuck with home loans for properties that remain unfinished or abandoned. She described it as a “housing scam” where builders disappear, banks wash their hands of responsibility, and government intervention comes far too late.
At the heart of the problem, she says, is the “No EMI till possession” scheme — once marketed as a win-win deal. Buyers were asked to pay just 10% upfront, while banks released up to 80% of the loan, with builders promising to service EMIs for two to three years. But when builders defaulted, the financial burden shifted entirely onto unsuspecting buyers.
“My friend pays Rs 45,000 rent and Rs 32,000 in EMI every month — for a home she may never step into,” Goel wrote, echoing the pain of countless families.
Industry data she cited paints an alarming picture: 5.08 lakh housing units remain stalled across 42 Indian cities, up 9% since 2018. Mumbai, Noida, Gurugram, Thane and Greater Noida are the worst hit, with 1,636 projects involving over 4.3 lakh homes still incomplete.
Many families booked flats when their children were in school. Years later, those children are in college, but the “dream home” is still a construction site. Buyers are forced to shoulder EMIs on top of rent, with no relief in sight.
While the Centre’s SWAMIH Fund has completed 50,000 units and targets another 40,000 by 2025, Goel points out this covers less than 20% of the backlog. For most, the wait continues.
Source: News 18
