Worried about the fate of their dream houses following a court order, about 200 investors on Sunday met officials of real estate firm Amrapali. The firm claimed that about 1,000 investors, who had booked flats in its Smart City project in Noida Extension, had agreed to shift to a nearby location.
“Only about 150 investors have so far demanded their money back,” Amrapali chief managing director Anil Sharma told HT on Sunday.
A high court ruling has set aside acquisition of over 150 hectares of land in Shahberi in Noida Extension after villagers submitted they were forced to part with their agricultural fields.
The decision has made the fate of more than 10,000 flats in Noida Extension uncertain. Those who booked flats with Amrapali builders are the worst hit. Its Smart City project had 5,700 units on 35 acres of land. A total of 4,000 houses have been sold. Mahagun builders' independent villas were also planned on the disputed area.
On Sunday, these investors reached the corporate office of Amrapali in Noida to express their concern. Another 200 went to the Smart City construction site in village Shahberi.
The firm claimed to have averted a major part of the crisis. Sharma said, “We’re shifting people to our nearby project Dream Valley, spread across 90 acres of land, with similar completion schedules and features at the same cost, ignoring land rate appreciation. We’re also offering bigger space.”
Those who reached the corporate office looked worried. Dinesh Gupta, a railway engineer, said, “I have my doubts. The new location is at some distance.” KS Patwal, a company executive, said, “I don’t want to go Dream Valley. The builder knew the land was disputed. They kept us in dark.”
A sense of uncertainty has set in after the court order setting aside the “forcible land acquisition” in Noida Extension.