About two weeks after the national capital region (NCR) planning board in Delhi cleared Greater Noida's master plan-2021, allowing projects stuck in Noida Extension for 10 months to resume, the Confederation of Real Estate Developers' Association of India (CREDAI) has announced a slew of relief for homebuyers.
The umbrella body of builders on Tuesday made representatives of various homebuyers' associations and committed there will be no price hike for existing buyers.
"All terms and conditions of agreements executed will remain the same. In case of violations, buyers can complain to CREDAI," said Anil Sharma, senior office-bearer of CREDAI.
"No builders will scrap any project. All builders will at least build the number of units booked," he said.
"CREDAI assured us that common facilities should be maintained by builders. Quantum of green areas should remain the same as committed at the time of booking," said Shweta Bharti of a buyers' association.
"The real estate body assured buyers that technical feasibility of already built towers will be checked before adding floors. Construction quality will be maintained so there is no compromise on that," said Anu Khan of another buyers' group.
"Bookings of those buyers who have deposited 10% of the flat cost will not be cancelled.
Registry can be done at the time of possession itself, so there are no worries on that front," said Sharma.
"There should not be any delay in construction because builders have started arranging raw materials and manpower," he said.
Buyers have been fearing cancellation of bookings so that same flats could be booked at higher rates, change in building plans to build more units and hike in rates even for existing bookings.
They say layout change will mean structures will be prone to risks and there will be less green and common spaces.
The title of the land became disputed about a year ago with farmers seeking their land back and courts obliging them in a couple of cases.
The Allahabad high court in October last year upheld land acquisition but the court also stalled projects because Greater Noida's master plan was not cleared by the NCR planning board.
Builders had planned 2.5 lakh houses in Noida extension. Considering the average cost of a house (Rs. 20 lakh), the idea was to rake in Rs. 50,000 crore. Nearly 1,00,000 flats worth Rs. 20,000 crore have been booked.
* No price hike for existing buyers
* All terms and conditions of agreements executed will remain the same
* No builders will scrap any project. All builders will at least build the number of units booked
* Common facilities should be maintained by builders
* Technical feasibility will be checked of already built towers before adding floors.
* Quantum of green areas should remain the same as committed at the time of booking.
* Construction quality will be maintained so there is no compromise on that.
* Registry can be done at the time of possession itself, so no worries on that front.
* Bookings of those buyers who have deposited 10% of the flat cost will not be cancelled
* In case of violations of above provisions, buyers can complain to real estate body CREDAI