May 13, 2014

Dropping sale of Housing units in NOIDA Extension

Housing development experienced a huge fall in NOIDA Extension area after the Supreme Court’s historical judgement on the 156 hectares farmland acquired by the state authorities in Shahberi village in Greater NOIDA. The said land was acquired from the farmers on the pretext of industrial development but the land was allotted to several builders for housing development. The NOIDA Extension was expected to get over 5,000 residential units but after the SC’s judgement, the builders are left with no option other than to refund the money. Though they can accommodate the home buyers in their other projects but it depends on the buyer whether he wants to relocate to another site.

Housing units in NOIDA Extension
The builder that suffered huge loss in NOIDA Extension is Amrapali. The real estate company said that it was ready to refund the money to the buyers who had lost their dream homes in its township in NOIDA Extension though Amrapali wants the home buyers to relocate to another site. The apex court has ordered Amraplai to return 40 acres of land to farmers after making the land.

According to the Confederation of Real Estate Developers Association of India (CREDAI), the judgment has directly affected the builders who are demanding transparency in the land acquisition policy of state governments. There is a huge demand for homes in Delhi NCR region but the buyers and the financers will tread cautiously after the judgment.