Those going in for alternative allotment should scrutinise what's being offered and check the lender requirements for the loan.
Much has been said and written about the land acquisition controversy that Sahberi village is mired in. The Supreme Court passed a verdict in favour of the farmers who originally owned the affected land parcels, and has also directed the affected developers to refund the entire amount paid by their buyers, along with interest. This step should come as a welcome relief to those buyers who are choosing to take a refund along with interest from the developer of the housing project they booked a property in. However, there are buyers who are choosing the option of taking up an alternative allotment in a different residential project being offered by the same developer.
An alternative allotment may be a good option indeed.
Before doing so, buyers must check whether all the specifications of such alternate property meet their requirements in terms of area of property, locality, amenities available, etc. Once they are convinced about the alternative allotment, they should ensure that the execution of their cancellation agreement (for the original allotment) takes place simultaneous to execution of documents for the new allotment. Many affected buyers seem to be worried whether allotment of the new property will involve payment of stamp duty and registration fee all over again.
There will be no stamp duty and registration fee implications at this stage.
The buyers, developers and Greater Noida Authority have been working on solutions where the interest of buyers is not adversely affected. The bankers are yet to come out with proposals for transfer of loans or closure of loans and sanction of loans for alternate allotment.
Since these are cases of cancellation of booking and allotment, it is time that the bankers involve the buyers and developers in discussions to chalk out a mutually agreeable solution for themselves. In this unusual set of circumstances, the bankers may consider not demanding repayment and closure of loan availed for original allotment as a condition precedent of sanctioning a fresh loan for the new allotment. A tripartite arrangement may be worked out between these three parties. Various buyers of properties in projects in other areas of Noida Extension and neighbouring areas have been making enquiries about the future of their projects. If the land where the property is situated was acquired by the government through a procedure that has not been struck down by the courts, then the property may not get affected. It is only those land parcels which have been acquired under a procedure which is identical to the procedure struck down by the courts in the matter of Noida Extension case, which may face a similar prospect if such acquisition is challenged by the farmers in question
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