{"id":6733,"date":"2025-08-21T00:58:22","date_gmt":"2025-08-21T00:58:22","guid":{"rendered":"https:\/\/tezgyan.com\/index.php\/2025\/08\/21\/middle-class-housing-nightmare-why-many-pay-both-rent-and-emi-for-homes-they-cant-live-in-business-news\/"},"modified":"2025-08-21T00:58:22","modified_gmt":"2025-08-21T00:58:22","slug":"middle-class-housing-nightmare-why-many-pay-both-rent-and-emi-for-homes-they-cant-live-in-business-news","status":"publish","type":"post","link":"https:\/\/tezgyan.com\/index.php\/2025\/08\/21\/middle-class-housing-nightmare-why-many-pay-both-rent-and-emi-for-homes-they-cant-live-in-business-news\/","title":{"rendered":"Middle-Class Housing Nightmare: Why Many Pay Both Rent And EMI For Homes They Can\u2019t Live In | Business News"},"content":{"rendered":"<p><br \/>\n<\/p>\n<div id=\"story-9516643\">\n<p><span class=\"jsx-730caffcddfd709\">Last Updated:<\/span><time class=\"jsx-730caffcddfd709\">August 20, 2025, 14:14 IST<\/time><\/p>\n<h2 id=\"asubttl-9516643\" class=\"jsx-4625396a04d15488 jsx-2201969498 asubttl-schema\">Buying a house in a tier-1 city is proving to be a financial nightmare for the Indian middle-class, suggests a chartered accountant, who highlighted an ongoing scam.<\/h2>\n<div class=\"jsx-f62078ffd315d67c artsharwrp\">\n<div id=\"artshare\" class=\"jsx-f62078ffd315d67c artshare\">\n<div class=\"jsx-f62078ffd315d67c stickdiv\">\n<div class=\"jsx-f62078ffd315d67c deskwrapstkdiv\">\n<div class=\"jsx-f62078ffd315d67c flwonstk\"><a href=\"https:\/\/news18.co\/gnps-en-btn\" target=\"_blank\" style=\"margin:0 12px 0 0\" class=\"jsx-f62078ffd315d67c\"><img decoding=\"async\" src=\"https:\/\/images.news18.com\/dlxczavtqcctuei\/news18\/static\/images\/english\/gogole-serarch-btn.svg\" width=\"94px\" height=\"30px\" style=\"vertical-align:top\" class=\"jsx-f62078ffd315d67c\"\/><\/a><\/div>\n<div class=\"jsx-f62078ffd315d67c fontchange\"><img decoding=\"async\" src=\"https:\/\/images.news18.com\/dlxczavtqcctuei\/news18\/static\/images\/english\/font.svg\" height=\"30px\" width=\"30px\" alt=\"font\" class=\"jsx-f62078ffd315d67c lazyload\"\/><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<figure class=\"jsx-4625396a04d15488 jsx-2201969498 amimg\"><img decoding=\"async\" alt=\"How the Indian middle-class is getting trapped in a housing scam. (Photo Source: Freepik)\" title=\"How the Indian middle-class is getting trapped in a housing scam. (Photo Source: Freepik)\" src=\"https:\/\/images.news18.com\/ibnlive\/uploads\/2021\/07\/1627283897_news18_logo-1200x800.jpg?impolicy=website&amp;width=400&amp;height=225\" loading=\"eager\" fetchpriority=\"high\" class=\"jsx-4625396a04d15488 jsx-2201969498\"\/><\/p>\n<p>How the Indian middle-class is getting trapped in a housing scam. (Photo Source: Freepik)<\/p>\n<\/figure>\n<p id=\"0\" class=\"story_para_0\">A chartered accountant has unpacked a housing nightmare for Indian middle-class citizens, underlining how your dream home could now be the centre of a horror story. In a LinkedIn post titled \u201cBuying your own home is no longer a dream \u2014 it\u2019s a nightmare&#8221;, CA Meenal Goel claimed over 4.3 lakh homebuyers have been caught in a scam, having to pay expensive EMIs for homes that were never built.<\/p>\n<p id=\"1\" class=\"story_para_1\">Disappearing builders, banks that wouldn\u2019t want to associate with the case and the Indian government\u2019s insufficient and delayed action are creating victims among homebuyers in a broken system that needs immediate attention, insists the chartered accountant.<\/p>\n<p><iframe frameborder=\"0\" class=\"lazyload\" allowfullscreen=\"\" id=\"iframe-0\" src=\"\" data-src=\"https:\/\/www.linkedin.com\/embed\/feed\/update\/urn:li:share:7363543890991198208?collapsed=1\" width=\"100%\" height=\"550\"><\/iframe><\/p>\n<p id=\"2\" class=\"story_para_2\">According to Goel, the \u201cNo EMI till possession&#8221; is a seductive lie. Under this scheme, the buyer is supposed to pay just 10 per cent upfront, while the bank disburses 80 per cent of the loan and the builder promises to handle EMIs for two to three years. However, that is a trap. If the builder defaults on regular EMIs even once, the entire financial burden falls on the buyer, who was lured by the only 10 per cent upfront payment.<\/p>\n<p id=\"3\" class=\"story_para_3\">\u201cMy friend pays Rs 45,000 in rent and Rs 32,000 in EMI every month \u2014 for a house she may never get,&#8221; Goel wrote in a post that immediately struck a chord with Indian middle-class homebuyers, reacting to a concern first raised over Reddit.<\/p>\n<p id=\"4\" class=\"story_para_4\">According to the industry data noted by Goel, there are 5.08 lakh stalled housing units across 42 Indian cities right now, which is a 9 per cent increase since 2018. Mumbai, Noida, Gurugram, Thane and Greater Noida are some of the epicentres of the scam. In these tier-1 cities alone, 1,636 projects, covering over 4.3 lakh homes, haven\u2019t yet been completed.<\/p>\n<p id=\"5\" class=\"story_para_5\">\u201cFamilies are paying both rent + EMIs for homes they may never get. Some booked when their kids were in school; today those kids are in college, and the house is still a construction site,&#8221; wrote Goel.<\/p>\n<p id=\"6\" class=\"story_para_6\">\u201cThe loan is in your name, not the builder\u2019s. If they default, the bank still comes after you. Even if the house never gets delivered. Miss an EMI? Your credit score takes the hit.&#8221;<\/p>\n<p id=\"7\" class=\"story_para_7\">\u201cThis isn\u2019t just a real estate crisis. It\u2019s a systemic failure of project financing and regulatory oversight. Subvention schemes like \u2018No EMI till possession\u2019 need urgent reform.&#8221;<\/p>\n<p id=\"8\" class=\"story_para_8\">For most buyers, there is no compensation, no legal relief and no regulator providing them relief. While the government of India\u2019s SWAMIH Fund has delivered 50,000 units, with an ambitious 40,000 more targeted for completion in 2025, Goel highlighted that is still less than 20 per cent of the total backlog.<\/p>\n<div class=\"jsx-95088aad1b3c53cd atawrap\">\n<div class=\"jsx-95088aad1b3c53cd atadetailwrp\">\n<div class=\"jsx-95088aad1b3c53cd ataname\"><span class=\"jsx-95088aad1b3c53cd atthumb\"><\/p>\n<figure class=\"jsx-95088aad1b3c53cd\"><img decoding=\"async\" alt=\"authorimg\" src=\"data:image\/jpeg;base64,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\" class=\"jsx-95088aad1b3c53cd\"\/><\/figure>\n<p><\/span><\/p>\n<div class=\"jsx-95088aad1b3c53cd attitle\"><a href=\"https:\/\/www.news18.com\/byline\/business-desk-19052.html\" class=\"jsx-95088aad1b3c53cd atamail\">Business Desk<\/a><\/p>\n<p>A team of writers and reporters decodes vast terms of personal finance and making money matters simpler for you. From latest initial public offerings (IPOs) in the market to best investment options, we cover al&#8230;<span class=\"jsx-95088aad1b3c53cd aurpdebtn\">Read More<\/span><\/p>\n<\/div>\n<\/div>\n<p>A team of writers and reporters decodes vast terms of personal finance and making money matters simpler for you. From latest initial public offerings (IPOs) in the market to best investment options, we cover al&#8230;<!-- --> <span class=\"jsx-95088aad1b3c53cd aurpdebtn\">Read More<\/span><\/p>\n<\/div>\n<\/div>\n<div class=\"jsx-4625396a04d15488 jsx-2201969498 artcta\">Stay updated with all the latest business news, including <a href=\"https:\/\/www.news18.com\/business\/markets\/\">market trends<\/a>,\u00a0<a href=\"https:\/\/www.news18.com\/topics\/stocks-to-watch\/\">stock updates<\/a>,\u00a0<a href=\"https:\/\/www.news18.com\/business\/tax\/\">tax<\/a>, IPO,\u00a0<a href=\"https:\/\/www.news18.com\/business\/banking-finance\/\">banking finance<\/a>, real estate, savings and investments. To Get in-depth analysis, expert opinions, and real-time updates. <a href=\"https:\/\/news18.co\/gnps-en\" target=\"_blank\" rel=\"noopener\">Click here<\/a> to add News18 as your preferred news source on Google. Also <span data-olk-copy-source=\"MessageBody\">Download the\u00a0<a href=\"https:\/\/onelink.to\/eng-article-eop\">News18 App<\/a> to stay updated.<\/span><\/div>\n<ul class=\"jsx-4625396a04d15488 jsx-2201969498 atbtlink Location\"><span>Location :<\/span><\/p>\n<p><span>Delhi, India, India<\/span><\/p>\n<\/ul>\n<div class=\"jsx-4625396a04d15488 jsx-2201969498 brdcrmb\"><a href=\"https:\/\/www.news18.com\/\">News<\/a>  <a href=\"https:\/\/www.news18.com\/business\/\">business<\/a>  <span class=\"brdout\"> Middle-Class Housing Nightmare: Why Many Pay Both Rent And EMI For Homes They Can\u2019t Live In<\/span><\/div>\n<div id=\"coral-wrap\" class=\"jsx-ba4d8f086a12294f \">\n<div class=\"jsx-ba4d8f086a12294f coral-cont\">\n<div class=\"jsx-ba4d8f086a12294f coltoptxt\">Disclaimer: Comments reflect users\u2019 views, not News18\u2019s. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our <a href=\"https:\/\/www.news18.com\/disclaimer\/\" class=\"jsx-ba4d8f086a12294f\">Terms of Use<\/a> and <a href=\"https:\/\/www.news18.com\/privacy_policy\/\" class=\"jsx-ba4d8f086a12294f\">Privacy Policy<\/a>.<\/div>\n<\/div>\n<\/div>\n<p><span class=\"jsx-4625396a04d15488 jsx-2201969498 rmbtn news18_read_more\">Read More<\/span><\/p>\n<\/div>\n<p><br \/>\n<br \/><a href=\"https:\/\/www.news18.com\/business\/middle-class-housing-nightmare-why-many-pay-both-rent-and-emi-for-homes-they-cant-live-in-aa-9516643.html\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Last Updated:August 20, 2025, 14:14 IST Buying a house in a tier-1 city is proving to be a financial nightmare for the Indian middle-class, suggests a chartered accountant, who highlighted an ongoing scam. How the Indian middle-class is getting trapped in a housing scam. (Photo Source: Freepik) A chartered accountant has unpacked a housing nightmare&#8230;<\/p>\n","protected":false},"author":1,"featured_media":6734,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[45],"tags":[],"class_list":["post-6733","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business"],"_links":{"self":[{"href":"https:\/\/tezgyan.com\/index.php\/wp-json\/wp\/v2\/posts\/6733","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/tezgyan.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/tezgyan.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/tezgyan.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/tezgyan.com\/index.php\/wp-json\/wp\/v2\/comments?post=6733"}],"version-history":[{"count":0,"href":"https:\/\/tezgyan.com\/index.php\/wp-json\/wp\/v2\/posts\/6733\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tezgyan.com\/index.php\/wp-json\/wp\/v2\/media\/6734"}],"wp:attachment":[{"href":"https:\/\/tezgyan.com\/index.php\/wp-json\/wp\/v2\/media?parent=6733"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tezgyan.com\/index.php\/wp-json\/wp\/v2\/categories?post=6733"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tezgyan.com\/index.php\/wp-json\/wp\/v2\/tags?post=6733"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}