Developers to move Supreme Court: CREDAI | delhi | Hindustan Times
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Developers to move Supreme Court: CREDAI

delhi Updated: Jul 20, 2011 01:04 IST
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The Confederation of Real Estate Developers’ Association of India (CREDAI) has said builders, whose projects in Patwari have been affected by the high court order, will move the Supreme Court.

Builders said they were not at fault. “We are bonafide buyers. Builders and buyers cannot be allowed to suffer,” they said. At a hurriedly convened press conference in Noida, representatives of the real estate body said the entire Noida Extension housing hub, where 2.5 lakh houses have been planned, was under threat of being jeopardised. Builders categorically said there was no relocation plan.

CREDAI national vice-president Gitambar Anand said the builders would approach the apex court to challenge the HC order. Builders said the interests of buyers would be protected at all costs.

Anil Sharma, vice-president, CREDAI-NCR said, "Things have got very complicated. We did not expect this judgment as most farmers in had accepted compensation. But we will not allow the buyer to suffer. The state government must find a solution to the problem. After the judgment came, we held a meeting with the Greater Noida Authority."

He admitted credibility of all developers was at stake. Regarding refund, Supertech’s RK Arora said investors must cooperate with builders. “Buyers’ money will be returned,” he said.

“About 20,000 buyers have been affected. Even 2,500 individual plot allottees are hit,” said Sharma. “There is a situation of chaos. Buyers are concerned about their investment and want their dream homes. The builder is concerned he will safeguard the interest of buyers. Credibility of all is at stake,” said Sharma.

Developers will speak to buyers and request them to jointly ask the authority to find a solution. We will try to protect buyers interests, said Anil Sharma, CMD, Amrapali Group.

Mohit Arora, director, Supertech Ltd, said that about 1,200 flats in Eco Village-1 may have been impacted by this verdict. “We appeal to the buyers not to panic. Everybody has to go to court now.”

“The situation in Patwari is different from Shahberi because here the land use was always residential. Also, construction is on in full swing in Patwari. The amount spent is unrecoverable,” said Manoj Gaur, president, western UP chapter, CREDAI.

Builders said the authority was holding talks with farmers and considering re-acquisition under the new policy.