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Full refund to home buyers: Builders

Members of a real estate developers' association that includes firms building homes on land in Greater Noida Industrial Development Authority (GNIDA), which has now been returned to farmers, have said all investors will get their money back.

india Updated: Jul 10, 2011 00:28 IST
HT Correspondents

Members of a real estate developers' association that includes firms building homes on land in Greater Noida Industrial Development Authority (GNIDA), which has now been returned to farmers, have said all investors will get their money back.

"We will be fully refunding buyers whose apartments fall under Shaberi village," said Dhiraj Jain, director, Mahagun (India) Pvt Ltd, one of the firms, after a meeting of the Confederation of Real Estate Developers' Associations of India (CREDAI), western UP chapter.

Jain also pointed to an immediate fallout of the Supreme Court order to return the land: due to "rising construction cost", new bookings in Noida Extension, as GNIDA is popularly known, will be sold at an increased price.

GNIDA plans to re-acquire the land, which will now cost more than it originally did.

Shaberi villagers, though, indicated they wouldn't accept a new offer.