New Delhi: Shekhar Gupta, a software engineer, had bought two 3BHK apartments in Amrapali's Smart City project last year at the rate of Rs 1,800 per sq ft.
Following the Allahabad High Court order quashing the land acquisition of 156 hectares farmland in Greater Noida, the developer gave him two choices — either to withdraw or shift to an alternative project, Amrapali Dream Valley, which is about two kilometers away from the affected site.
Gupta opted for the latter at the same price. “If I had exited, I would not have got anything anywhere in that range,” he said.
Prashant Kumar, a software engineer and son of a farmer in Baghpat village, bought an apartment in Supertech's Eco Village-II project.
He has been told by the developer that only a part of the project, on which construction has not yet begun, is impacted by the court ruling.
He is willing to adopt the ‘wait and watch’ approach as other options are way beyond his budget. But a lot is at stake — he has already paid up 85% of the total apartment cost.
About six real estate projects and nearly 6,000 buyers will be affected by the Supreme Court order asking the state government to return land to the original owners.
The Confederation of Real Estate Developers Association of India (CREDAI) said those affected have either already been moved to other projects or have been given the option of getting their money refunded.
According to Manoj Gaur, CREDAI president, Western Uttar Pradesh chapter, the SC decision has impacted projects of around seven builders and they have already taken steps to compensate buyers either by shifting them to some of their other ongoing projects or by refunding their money.
The association will be approaching the Greater Noida Authority soon to arrive at a workable solution. “We are planning to approach the authority to give us a letter of clarification that states that the remaining area of some projects has not been impacted by this order,” he said.
Amrapali has shifted more than 3,500 buyers from its Smart City project to an alternative site — Dream Valley project.
“Approximately, 125 customers have gone in for a refund option. We have returned the amount to them with interest,” said Anil Sharma, chairman and managing director of the Amrapali group.
Asked about the next course of action, he said, “We would want Noida authorities to settle the issue or return our money.”
Anuj Chaudhary, director, Panchsheel group, said 20,000 sq meteres of his project would be affected by the ruling. “Construction has not begun yet. Around 124 buyers have been hit. They will be given an option of shifting to another portion of the same project or to our other project Hynish in Sector 1 of Greater Noida.”
RK Arora, chairman and managing director of Supertech Limited, said only 5% area of the Eco Village Phase-2 project, which falls in Shahberi village, has come under dispute. “We have not yet announced bookings nor have started construction in that area,” he said.