People who bought units in Noida Extension in 2010, much before the land acquisition row broke out, are still waiting for possession GAURSONS EARTH INFRA
Ahub of affordable housing with initial project launches back in 200910 at ₹ 1,800 to ₹ 2,000 per sq feet (around ₹ 3,500 per sq ft now), Noida Extension or Greater Noida West has always held out hope for first- time homebuyers. The wait for a roof above their heads, however, seems to be getting longer for the beleaguered buyers with only a few units ready to move in.
The land acquisition issue (litigation over the compensation to farmers) and the Allahabad High Court’s order in October 2011 to get the Greater Noida Master Plan 2021 approved before construction work commenced were major setbacks for the Noida Extension property market. Developers, buyers and investors, however, heaved a sigh of relief as the impasse over the area ended with the approval of the Greater Noida Master Plan2021 by the NCR Planning Board in August 2012, clearing the way for resumption of construction of hundreds of housing projects in the area.
Many buyers paying equated monthly instalments (EMI) and rent and hoping for delivery within the new promised deadlines — after a wait of almost two years — fear further delays. Builders, however, claim that the projects are on schedule and the apartments will be delivered as per the new timelines.
As per a rough estimate, about 2.50 lakh apartments are expected to come up in Noida Extension. Following the new deadlines announced after the NCRB ( National Crime Records Bureau) cleared the Greater Noida Master Plan 2021 in August 2012, about 10,000 apartments should have been delivered by end of 2014, but just 3000 are expected to be finally ready for delivery. “There are only a few towers, barely one or two in some projects, that will be delivered by the end of this year. This is only possession for the sake of possession,” alleges Abhishek Kumar, president of Noida Extension Flat Owners Welfare Association (NEFOWA).
M o s t d e ve l o p e r s h ave received 90% payment from buyers with which they have readied the housing structures. What is taking time is the finishing work, says Kumar., adding buyers have not been paid penalty for late delivery.
Amol, who bought i nto Amrapali’s Leisure villas project in January 2013 is hoping to get his unit in January 2015. “I’ve been informed that the sewage work will take some time to be completed,” he says.