Thousands of investors see a ray of hope

Noida Extension Flat Buyers' Association has welcomed the Patwari pact.

Noida Extension Flat Buyers' Association has welcomed the Patwari pact.

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"At least some pattern has emerged on which the authority can negotiate with other villages," association president RP Tyagi said. "We are thankful to the court which considered investors' problems and allowed time to the government for such a settlement," he said. "We also thank the farmers who kept our interest in mind and reached the settlement," he added.

Usha Sachdeva, an investor, said, "It is a big relief to us." There are fresh hopes among buyers who invested their hard-earned money in pursuit of dream houses in projects under-construction or planned in village Patwari. "With specter of entire Noida Extension project being jeopardised, even relocation was not an option. We know that with the kind of money — Noida Extension was supposed to be an affordable housing hub — we put in, we would not have been able to buy houses anywhere else," most Patwari buyers said.

"After Shahberi, I felt good that I had booked my house with Supertech's Eco Village I. But the Patwari judgment crashed my dreams. Now, there's fresh hope," said Sandeep Sharma, a buyer. "I have paid R4 lakh till date. My loan was not sanctioned by the bank, which said it had stopped financing Noida Extension projects. I had arranged money from my friends to pay the installments," he said.

"I had booked a flat with a Panchsheel project and paid R3 lakh. Though my loan was sanctioned, it was not disbursed by the bank as it had stopped funding all Noida Extension projects. Now, I can rest easy," said SS Singh, another buyer.

Acquisition of 156 hectares of land was quashed in Shahberi but in case of Patwari, acquisition of 589 hectares of land was set aside. About 20,000 houses in the price band of R10-35 lakh have got a new lease of life.

New bookings to cost 25% more

The allotment of developed land plots, measuring 8% of the total land acquired, to farmers will lead to shortage of land and, subsequently, hike in prices. Besides, builders will share the burden of hike in compensation. But good news is builders will not pass the burden on to existing buyers. “We will not charge more from the existing buyers. But new buyers will have to pay more,” builders said. Anil Sharma of Amrapali Group said, “The authority has told builders to bear the burden of Rs 290 per sqm. We have no objection. But prices will go up by 25% for future bookings.”

HTC, G Noida