GREATER NOIDA: A fortnight after Allahabad High Court's order on land acquisition in Noida and Greater Noida, the status of projects in these areas remains far from clear.
While all stakeholders had hailed the order at the time, the initial euphoria has died down as all construction activity remains stalled. Greater Noida Authority's direction to builders to not resume work till issues pertaining to changes in Master Plan-2021 are resolved, has again shook the confidence of both developers and thousands of homebuyers.
Developers say there is not much they can do in the current scenario. Following Monday's directions to halt work, developers like Amrapali and Supertech, who have multiple projects underway in the Noida Extension-Greater Noida area, have informed their investors.
"The Authority will be communicating with the NCR Planning Board within a week and we think buyers will have to wait for around a month before the whole issue gets sorted out," said Anil Sharma, CMD of Amrapali Group. "We have stopped all construction work in the area for now and are awaiting the Authority's directions on the next step," said RK Arora, chairperson of Supertech.
After NCRPB approves the changes to the master plan, the developers will take up their concerns about accumulated interests on installments, increase in floor-area ratio etc with the Authority. At a press meet last week, the developers' organization CREDAI had said that developers were willing to bear the accumulated interest on bank loans, they would want GNIDA to waive off the interest on their installments.
Meanwhile, several buyers' associations of Noida Extension-Greater Noida have scheduled a meeting with CREDAI for next week to seek clarifications and answers to their queries. "Most developers have conveyed to the homebuyers the Authority's directions to stop construction work in the area. What can we do in such a situation but wait and watch?" said Abhishek Kumar, who has booked a flat in Supertech's Eco Village-II project.
The Noida Extension-Greater Noida area has at least 50 private housing projects under construction. Bookings have been made for around 100,000 housing units in different sectors. At least 70% of these housing units have been financed by banks and other financial institutions. In all, 2.5 lakh houses are planned in the area and bookings worth Rs 20,000 crore have been made already, developers claim. The total worth of these houses is around Rs 50,000 crore and an investment of roughly Rs 1,500 crore has already been made.
Vandana KeelorVandana Keelor, TNN
While all stakeholders had hailed the order at the time, the initial euphoria has died down as all construction activity remains stalled. Greater Noida Authority's direction to builders to not resume work till issues pertaining to changes in Master Plan-2021 are resolved, has again shook the confidence of both developers and thousands of homebuyers.
Developers say there is not much they can do in the current scenario. Following Monday's directions to halt work, developers like Amrapali and Supertech, who have multiple projects underway in the Noida Extension-Greater Noida area, have informed their investors.
"The Authority will be communicating with the NCR Planning Board within a week and we think buyers will have to wait for around a month before the whole issue gets sorted out," said Anil Sharma, CMD of Amrapali Group. "We have stopped all construction work in the area for now and are awaiting the Authority's directions on the next step," said RK Arora, chairperson of Supertech.
After NCRPB approves the changes to the master plan, the developers will take up their concerns about accumulated interests on installments, increase in floor-area ratio etc with the Authority. At a press meet last week, the developers' organization CREDAI had said that developers were willing to bear the accumulated interest on bank loans, they would want GNIDA to waive off the interest on their installments.
Meanwhile, several buyers' associations of Noida Extension-Greater Noida have scheduled a meeting with CREDAI for next week to seek clarifications and answers to their queries. "Most developers have conveyed to the homebuyers the Authority's directions to stop construction work in the area. What can we do in such a situation but wait and watch?" said Abhishek Kumar, who has booked a flat in Supertech's Eco Village-II project.
The Noida Extension-Greater Noida area has at least 50 private housing projects under construction. Bookings have been made for around 100,000 housing units in different sectors. At least 70% of these housing units have been financed by banks and other financial institutions. In all, 2.5 lakh houses are planned in the area and bookings worth Rs 20,000 crore have been made already, developers claim. The total worth of these houses is around Rs 50,000 crore and an investment of roughly Rs 1,500 crore has already been made.
Vandana KeelorVandana Keelor, TNN
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