The Greater Noida authority has said it will minimise the likely burden on homebuyers, to be caused by its move to increase the price of land in Patwari.
"We would speak to builders to ensure existing buyers are not impacted much. We can work out certain structural and transactional concession to the builders," said an official.
There are some builders, who may allow relief to some. Supertech said it might exempt from the burden those buyers who had been punctual in payment of installments. "But the defaulters would not get any relief. They would get the flats at new rates," said RK Arora of Supertech.
"If new rates (R2,250 per sqm more) are implemented, a R30-lakh house booked is likely to cost R2.5 lakh more," said Anil Sharma of real estate body CREDAI. "We will seek permission to allow us to build more units and sell commercial spaces on our premises," he, however, said.
But the buyers are angry. About 20,000 buyers have booked flats in 14 projects of 11 builders in Patwari.
"First the projects got delayed and now this additional burden. We will move the court and will not pay a single paisa more," Sandeep Sharma, a buyer, said.
"With the fate of the entire Noida Extension project still uncertain, even relocation is not an option anymore. We know that with the kind of money we put in, we will not be able to buy houses anywhere else," most Patwari buyers said.
The authority has already hiked residential land price (for future auctions) by more than 50%. There will at least be a 40% hike in prices of new bookings.
And the problem is not limited to group housing projects alone.
The authority has also allotted about 4,500 independent residential plots in Patwari. These allottees will also pay R500 per sqm more. If a residential plot measures 200 sqm, the allottee will now pay R1 lakh more.
"The new rates will be effected in Patwari first, because we have managed to strike a deal with farmers there, providing them with cash and plots for an undertaking that they would withdraw their petitions from court. For similar agreements in other Noida Extension villages, we would need cash, which will come only by way of new rates. There's no other way out," an official said.
About 1 lakh buyers have booked houses in Noida Extension, where all the 12-odd villages have moved court. Courts have quashed forcible land acquisition by the authority in two villages. The Allahabad high court will start hearing the Noida Extension cases from September 12.