Litigation fear worries buyers in Noida Extn

2011-07-27 13:41:24

While the Supreme Courts directive to builders on refunds has cheered investors who were hit by last weeks judgment in the Sahberi case, it has done nothing to quell the fears of other home buyers in the Noida Extension area. The fate of many such projects remains uncertain as farmers have moved Allahabad High Court disputing the acquisition and subsequent allotment of their lands to builders.

We welcome the verdict of the Supreme Court, but what about the people who have booked flats in projects that are now locked in litigation? The court verdict can swing either way, said Alok Gupta, a business analyst who has booked a two-bedroom flat in Panchsheel Greens-I. Refund is the last choice for us because several middle-income families, in dire need of houses, had booked flats in Noida Extension for staying there and not as an investment in property, said Gupta.

Homebuyers say they want the government to intervene and builders to guarantee that projects will not run into Sahberi-like hurdles in future. Gupta and his friends have even drafted a charter of demands for the builders and the government.

Buyers of flats in the Panchsheel Greens-I project are on the edge as 12 of its 29 towers lie in Sahberi village subject to last Thursdays Supreme Court judgment and the other 17 in Itehda village. What would be the fate of towers that straddle both villages? said Binu Nair, manager in a Gurgaon-based telecom company. The builder says that my tower falls in Itehda and is safe, but these villagers are also in court and the verdict might go the Sahberi way, said Nair.

Buyers say they chose to make Noida Extension their home keeping in mind facilities available nearby but the dream has cracked. We had booked flats as complete products, keeping in view the amenities that would be available to us once the entire township came up. But now my builder is offering me only a part of the product, said Nair.

Real Estate Noida
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