Buyers fear realtors may tinker with plan
The Allahabad high court’s Friday verdict may have given a new lease of life to the Nodia Extension housing projects, but a new battle awaits thousands of homebuyers.india Updated: Oct 25, 2011 00:17 IST
The Allahabad high court’s Friday verdict may have given a new lease of life to the Nodia Extension housing projects, but a new battle awaits thousands of homebuyers.
Getting flats at committed prices and without much delay are not the only objectives. With the court telling the Greater Noida authority to pay an increased compensation to farmers and the authority saying it will recover the sum from builders and other allottees, alterations in building plans stare buyers in the face.
The Noida Extension Flat Buyers Welfare Association (NEFBWA) has apprehended the builders will deviate, in order to make up for the additional payment to the authority, from the promises and add more floors and erect towers even at what were supposed to be open spaces.
The authority is likely to tell builders in Nodia Extension to pay about Rs 2,000 per sqm more to arrange for funds to be spent on compensation to farmers.
"If new rates (Rs 2,250 per sqm more) are implemented, a R30-lakh house booked is likely to cost R2.5 lakh more," said a member of real estate body CREDAI. "Our mandate is to protect existing buyers," he, however, said.
"We can definitely work out certain structural and transactional concession to builders," said a Greater Nodia authority official. The authority has proposed to raise the floor area ratio or FAR (which controls the bulkiness of buildings).
When a builder changes the site plan because of the increase in FAR, he either introduces a new tower on the same plot or adds floors to the existing towers.
"An increase in FAR means the builder can construct wider or/and higher towers. Developers often plan changes and get them approved by the authority without keeping buyers in the loop. We will not tolerate this," said an NEFBWA member. The association has decided to take an undertaking from builders in this regard.
In Noida, a number of buyers have objected to the practice.