Builders to return money or give flat
The fate of nearly 10,000 housing units in Noida Extension hangs in balance following the Allahabad high court’s decision to set aside the acquisition of over 150 hectares in the Chak Shahberi village by the Greater Noida Industrial Development Authority (GNIDA). Vandana Ramani reports.delhi Updated: May 19, 2011 01:29 IST
The fate of nearly 10,000 housing units in Noida Extension hangs in balance following the Allahabad high court’s decision to set aside the acquisition of over 150 hectares in the Chak Shahberi village by the Greater Noida Industrial Development Authority (GNIDA).
The order has hit parts of six projects, four of which are under construction. The developers have decided to offer the buyers a refund or an alternative site nearby, at no extra cost and similar completion schedules.
The projects concerned —Amrapali Smartcity, Supertech Eco Village II, Panchsheel Greens Phase 2, Ajnara, Gulshan Homz and land banks owned by Shree Group — lie across Sector 4 and 16B.On Friday, the Confederation of Real Estate Developers Association India (CREDAI) held a meeting with the GNIDA. The authority has assured CREDAI of a peaceful solution.
Vice-president of CREDAI and MD of ATS Greens Getamber Anand said: “The developers have not violated any by-laws. The consumers can rest assured that the GNIDA is trying to arrive at a solution.”
The Amrapali group has decided to shift its Smart City project to Dream Valley.
“Of the 2,500 customers, 1,000 have agreed to shift to Dream Valley, which is 2 kms away,” said Anil Sharma, chairman and MD, Amrapali Group. “The firm has opened a special redressal cell for customers.”
Only a part of Supertech Group’s Eco Village Phase II has been hit. “We’ve offered our buyers the option of shifting to Eco Village Phase I or Eco Village Phase III,” said R K Arora, chairman and MD, Supertech Group.
SJP Infracon, which has about 50 acres of land in Greater Noida has decided to defer future projects.
The Mahagun Group says its My Woods Phase I project is not affected. “Of the 60 acres that we’ve procured, only a small portion is affected by the judgment,” said Dhiraj Jain, director, Mahagun India Pvt Ltd.