Though the crisis in Noida Extension is not over, builders have announced the new rates.
“Our firm, Supertech, has announced the new rates. It’s Rs 2,900 per sqft,” said RK Arora of real estate body CREDAI.
Before the Noida Extension project got mired in a legal tangle, the rates ranged between Rs 1,600 and Rs 2,000 per sqft. This is a 50% hike since the Noida Extension crisis began. Arora, however, said existing buyers would get flats at committed rates.
Greater Noida authority has asked Rs 1,800 crore from 95 builders so that increased compensation, as told by the court, could be paid to farmers. “This is the main reason for the hike,” said Anil Sharma, another office-bearer of CREDAI.
This is not alone. In case of fresh auctions, the authority has hiked, in two strokes in three months, the residential land price by more than 50%. Sharma said CREDAI could not control the new rates, as the buyers would have the option of going for the projects suiting their budget. On an average, new flat buyers in Noida Extension will have to pay 25% more. Builders have to deposit money with the authority in three installments. About R200 crore has already been deposited.