LATE DE­LIV­ERY

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

HT Estates - - FRONT PAGE - Van­dana Ram­nani Talk to us Has the de­liv­ery of the hous­ing pro­ject you booked into been de­layed?

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.

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