Legal cell to address Gr Noida land issues

2011-07-27 16:43:02

Developers who have been affected by the Shahberi judgement in Greater Noida announced that a legal cell will be created to address the legality of the land process between the farmers, authority and developers.

Amrapali Group, Supertech Ltd, Mahagun and Panchsheel Group all voiced out that developers have lost a huge amount with Shahberi judgement, amount canceling for Rs 500 to Rs 600 crore. This includes administrative expenses and title amount etc.

Anil Sharma, CMD of Amrapali said Either we are paying back the buyers or compensating with another apartment. He added that Land acquisition Act needs to be studied as infrastructure and housing are both based on land acquisition.

The Confederation of Real Estate Developers Associations (CREDAI), Western UP has approached a law firm, which will look after this entire legality of the land process so that developers and the buyers do not face any legal problems in any phase. This firm will look after the legal process and legality of all the projects in Noida Extension.

Banks want transparency and the title clearance of the land. Title clearance letter will be given to us and we will be giving to banks for proper funding to all projects, Sharma added.

Supertech Chairman, R K Arora pointed out that in the history of India, this has never happened before because the bank carry due diligence. There is a gap in the Act which we have to change now after a discussion with banks.

According to the developers, the first step is a consensus to prepare a code of conduct for the members. This will work like a transparent system where developers will convey the details of their entire project. Secondly, a redressal cell will be created for all aggrieved buyers. The community of CREDAI will take care of the redressal.

Real Estate Noida
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