About 1.5 lakh middle-class homebuyers in the Noida Extension area have got relief after more than a year of uncertainty.
The National Capital Region Planning Board (NCRPB) — headed by urban development minister Kamal Nath — cleared the revised draft of the Greater Noida Master Plan-2021 on Friday, which means the builders will finally be allowed to resume work on their stalled projects and the realty business will get a fresh boost.
Of the 2.5 lakh flats sanctioned in Noida Extension, 1.5 lakh flats have already been booked. Builders invested about Rs 15,000 crore in 60 projects. So far, buyers have shelled out about Rs 1,500 crore for booking the flats.It will, however, take some more time. "The matter is in the Allahabad high court, which will have to give the order for the work to resume. We will submit an affidavit in the high court," said a UP government official.
Earlier in October last year, the high court had ordered that work on the Noida Extension projects could not restart till the Greater Noida Master Plan was approved by the NCRPB.
Naini Jayaseelan, member secretary, NCRPB, told HT: “We have approved the master plan subject to the condition that the Greater Noida Authority adheres to provisions for water supply, sewerage, drainage, power and solid waste management recommended by the board.”
"The uncertainty is over. It's such a big relief for all of us who have invested in the flats. But we are keeping our fingers crossed till the court gives the final green signal," said Abhishek Kumar, president of Noida Extension Flat Owner's Welfare Association.
The NCRPB approved the plan after receiving the nod from all the 21 board members, including the chief ministers of Delhi, UP, Haryana and Rajasthan.
"The board did not meet formally, but approved the master plan through a circular after receiving consent of all the members," said Jayaseelan.