Developers in the Noida Extension area have joined hands in an attempt to deliver projects on time.
Developers of residential projects in Noida Extension have joined hands to expedite the construction work so that they can deliver the projects on time.This comes after the Supreme Court judgment to cancel the land acquisition in Shahberi village,one of the 13 villages that constituted Noida Extension.A developer in the region said this was important to regain the confidence of buyers in the region.As the construction activity picks up,buyers will feel assured of the safety of their investments in Noida Extension.
Besides this,the near double digit inflation is pushing the cost of construction by the day.And,there seems to be no respite from this in the near future.Therefore,faster implementation of projects will help developers escape the escalating costs of construction.
Anil Sharma,the vice-president of Confederation of Real Estate Developers Association of India (CREDAI) in the National Capital Region,who is also CMD of Amrapali,which is implementing a number of large projects in Noida Extension,says that developers would focus on implementing their projects in the region.
A large number of builders in Noida Extension met under CREDAI in Noida on Thursday.Sharma said all the builders,whose projects were affected because of the cancellation of land acquisition in Shahberi,decided to take every measure to protect the interest of their customers and instil confidence in the safety of their investments in the projects in Noida Extension.For this,all the builders are ready to return money to their customers,with interest,or shift them to other projects in the same area if they wish.
Noida Extension is made up of 13 villages,including Shahberi.Due to the cancellation of land acquisition in Shahberi,only around half a dozen projects got affected on around 200 acres of land.Though the land area in Shahberi is around 400 acres,developers were allotted only around 200 acres.The rest 200 acres was used in developing infrastructure like roads and sewer system in the region.
The total land allotted to builders in Noida Extension is around 2,200 acres.Therefore,Shahberi constitutes only 9% of the entire Noida Extension.The builders assured buyers of their projects outside Shahberi that their projects will be completed on time.
Pankaj Bajaj,the president of CREDAI of NCR,however,made it clear that nobody would be allowed to misuse the current situation.He said builders would not return money to buyers in projects which are not affected by the court decision.For that,the buyers have to follow a normal course.Bajaj said that as a confidence building exercise among the buyers,developers would now focus on implementing the projects in the region.
Noida Extension had emerged as one of the most attractive destinations for end users looking for homes in the NCR.Though the area is at a commutable distance from Delhi and Noida,one can still buy a one-bedroom apartment for as little as Rs 10 lakh.Even two- and threebedroom houses are available for Rs 18 lakh to Rs 25 lakh.
However,the implementation of the Supreme Court judgment may lead to some problems.A large chunk of land that was acquired in Shahberi was used to develop infrastructure like roads and sewer system,which are an integral part of the development of Noida Extension.
However,a senior official of the Greater Noida Authority said they would soon start work on returning land to farmers as directed by the court.To develop infrastructure for the development of Noida Extension,the authority may again acquire land from farmers.The official said that the court has not prohibited the authority from acquiring fresh land to develop infrastructure for common use.
