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Builders to refund first, deal with GNIDA later

Continued protests by buyers and the Greater Noida authority's instruction to "protect the interest of the end-users" at all costs, real estate players, who had launched projects in village Shahberi, have said they would refund and relocate the investors first and seek return of their money from the authority later.

india Updated: Jul 13, 2011 01:26 IST
HT Correspondent

Continued protests by buyers and the Greater Noida authority's instruction to "protect the interest of the end-users" at all costs, real estate players, who had launched projects in village Shahberi, have said they would refund and relocate the investors first and seek return of their money from the authority later.

Supertech has promised relocation to unaffected units of the affected project (in case the entire project is not affected) or an altogether different location of the firm or refund with interest. "Shahberi is a very small part of Noida Extension and will not affect the entire housing hub planned," said RK Arora of Supertech. "Only one project of ours - Eco Village II - has been hit by the court order. We need 10 days' time to start a process of settlement with buyers of Eco Village II flats. All other projects are safe and construction is on in full swing at the sites.”

Anil Sharma of Amrapali, which is worst-hit real estate firm in village Shahberi, said, "Our 4,000 buyers were affected. We were one of the first builders to offer relocation (to our Dream Valley project) or refund with interest. Most of the buyers have been shifted and 2-3% who wanted their money back have been refunded. We have satisfied most of our clients."

Manoj Indoria, general manager (sales) at Panchsheel, said, "Our project falls in two villages - Itaidha and Shahberi. Of the 29 towers, 12 are safe. We have already requested the buyers to get in touch with us before they can be relocated." Mahagun's director Dhiraj Jain said only some portion of land, which has been reserved for future development, fell in the said area.

Builders have blamed the authority for the crisis. West UP president of the confederation of real estate developers' associations of India, (CREDAI) Manoj Gaud, said, "The authority never told us that the land was disputed." "Buyers have greater trust while dealing with the government. The cancellation of land sale in Noida Extension will erode the credibility of the state government. Buyers would not be sure whether the property purchased will hold clear title in future," said an investor.