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Over 50,000 homebuyers to finally get their homes in Noida

Over 50,000 homebuyers to finally get their homes in Noida

real estate Updated: Sep 14, 2015 15:36 IST
Vandana Ramnani
Vandana Ramnani
property,real estate,Noida
The final notification will enable Noida Authority to start giving completion certificates to builders

In a major relief to over 50,000 homebuyers, the government has curtailed the eco-sensitive zone around the Okhla Bird sanctuary near Noida to 100 metres on three sides instead of the earlier 10 km, a move that will now enable builders to finish their projects and hand over the apartments to the buyers.
The eco-sensitive zone will now be applicable to an area of up to 100 metres from the eastern, western and southern boundaries of the sanctuary. From the northern side the buffer zone will extend to 1.27 km, environment ministry sources say.

The decision to notify the eco-sensitive zone was taken up at the meeting of the standing committee of National Board for Wildlife, chaired by the union environment minister and forests minister Prakash Javadekar.

The final notification regarding the eco-sensitive zone is expected to be out in a week’s time. This will enable Noida Authority to start giving completion certificates to builders who will then start delivery of apartments to buyers.

“It is a big relief for homebuyers who had booked flats. Some of them are already paying EMI. Hard-earned money of people had been invested there. They will get relief. The confusion has ended. The final notification will be done in a week. The orders of the NGT have been fully followed,” Javadekar has said.

“This will have a positive impact on the real estate and construction sector in the National Capital Region. All projects that had been stalled in Noida can now resume. The location will also see more housing sales along with office occupier and retail space leasing in forthcoming months. Hopefully, with the real estate market opening up once more in the area, homebuyer demand will pick up as well. Especially with interest rates going down and the government focusing on infrastructure development, this might spell good news for the realty market in Noida,” says Anshuman Magazine, chairman & MD, CBRE South Asia Pvt Ltd.

"The decision of the ministry of environment and forests to notify certain areas as eco-sensitive zone around Okhla Bird Sanctuary is a welcome move. It was a long pending issue, resolution of which will give relief to customers as well as developers,” says RK Arora chairman, Supertech Group.

“The decision of the government is a welcome step and provides the much-needed clarity on the issue. Ambiguity regarding the eco-sensitive zone around Okhla Bird sanctuary has already cost the local economy more than Rs 2000 crore,” says Amit Modi, vice president, Credai Western UP and whole-time director, ABA CORP.

“While this will bring in the much-needed revenue to the local exchequer, we request the state stamp and registration departments to provide some relief and concessions on stamp duty charges,” he added.

First Published: Aug 18, 2015 19:44 IST