Tension over for Noida Extension

By giving approval to the Greater Noida Draft Master Plan-2021, NCRPB has given much relief to more than 1 lakh middle class homebuyers and a new lease of life to plummeting fortunes of the real estate sector in the region, Vinod Rajput reports.

By giving approval to the Greater Noida Draft Master Plan-2021, the National Capital Region Planning Board (NCRPB) has given much relief to more than 1 lakh middle class homebuyers-- who had invested their hard-earned money in Noida Extension-- and a new lease of life to plummeting fortunes of the real estate sector in the region.

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The Centre's nod will pave way for making this area a prime location for affordable houses in the national capital region.

The Allahabad high court had stayed construction in Noida Extension, which is a part of Greater Noida, and directed the Greater Noida authority to seek approval of its plan from the NCR Planning Board.

Now, the Greater Noida authority will submit an affidavit in the high court in the next couple of days, said a UP government official.

The Board, which is chaired by Union urban development minister Kamal Nath, has okayed the plan with the understanding that the earlier recommendations made by the NCRPB technical committee would be incorporated in the plan, officials said.

The real estate players have welcomed the move.

They expect the construction to be resumed in next 15 days.

"I am elated because my 25,000 buyers' money was at stake and now their dream homes will be delivered soon. We will resume construction at our site in 15 days," said RK Arora, chairman and CMD of Supertech.

"Once the authority submits the affidavit, the HC will allow the construction in Noida Extension," said Abhishek Kumar, president of Noida Extension Flat Owners' Welfare Association (Nefowa).

Once the construction resumes, Noida Extension will become a darling to homebuyers in the NCR, as property rates are far less compared to Noida and Gurgaon. Besides, Noida Extension enjoys the "location advantage".

The major real estate players who were impacted by the land acquisition row are Amrapali, Supertech and Gaursons.

Besides, many top developers and builders were making a beeline to launch their projects.

Big housing projects like Supertech's Eco Village 1 and Eco Village 2, Antriksh Forest, Ajnara Home, Amrapali Group's Laser Park etc are coming up in Noida.