However, if you know that the controversy is about to be settled, such as in the case of projects in Noida Extension area, and you are getting a really good deal, you may consider these

At least 100,000 homebuyers in around 30 projects in Noida Extension, stuck in a land controversy since May 2011, can now heave a sigh of relief. With the National Capital Region Planning Board (NCRPB) approving the draft Master Plan 2021 of Greater Noida Authority on 24 August, they can expect faster delivery of their units.

The NCRPB has sent its letter approving the master plan to Uttar Pradesh Housing Department’s principal secretary, who will forward it to the Greater Noida authority. The authority will then submit it before the Allahabad high court. As soon as the court approves the master plan, construction work, which stopped in October 2011, will resume on project sites. In October 2011, the court had ordered that work on Noida Extension projects couldn’t continue till the plan was approved by NCRPB.

While the uncertainty may soon be over for homebuyers in Noida Extension, buyers in some other projects that are now stuck in a logjam may not be so lucky. For example, even before the Suraj Kund area of Faridabad obtained environment clearance, a well-known developer started a high-end project, which eventually got stuck because of the issue. There are similar examples in Ghaziabad and Noida.

Then there are projects that are really delayed due to lack of infrastructure development in the area. For example, those in the Nehar Par area of Faridabad. Moreover, it was recently in the news because of a face-off between one of the well-known Delhi-based developer and its homebuyers in the area. The controversy was that the builder had altered the layout of the project and was demanding more money from the homebuyers.

Apart from mental harassment and looming uncertainty, buying into such projects can have some negative effects on your investment.

Low saleability

Price-wise, these projects may look attractive since they are low priced compared with other projects in the same area and some brokers even offer discounts on them to clear their inventory.
But once you are into it, you may really find yourself stuck with it. While most buyers would not like to lock their money in a controversial project, as a result of low demand and uncertainty around its construction, the price appreciation is also nothing to talk about.

For example, in the past one year, the Noida Extension area saw little appreciation as compared with projects in adjoining areas such as Greater Noida. Says Santosh Kumar, chief executive officer (operations), Jones Lang LaSalle India, a property consultant firm, “Before the controversy stirred, the average rate in Noida Extension was Rs. 1,800-2,000 sq. ft, which is now in the range of Rs. 2,800-3,200 per sq. ft.” This is much lower than the average price range in Noida—which is around Rs. 3,500-4,500 per sq. ft. Some of the recent launches are even touching above Rs. 10,000 per sq. ft.

Different price points

Projects stuck in a logjam are usually delayed and the longer a project gets delayed, the more number of price points it sees since prices keep appreciating from time to time. While a person wanting to get rid of such a project may offer a lower rate, another person may still want to exit at a profit.

For example, a number of projects in the Noida Extension area or Faridabad’s Nehar Par area have multiple prices for similar apartments. Take the example of Supertech Ltd’s project Eco Village in Noida Extension. The project got hit when the controversy surfaced. At that time, the units were priced in the range of Rs. 1,800-2,100 per sq. ft. After almost a year, it is now selling at Rs. 2,900 per sq. ft. Confirms Supertech Ltd’s managing director, R. K. Arora, “The units are now available at different price points. However, we have to factor in the pressure due to increased land compensation and inflation.”

Delivery issues and more interest outgo

There is always a possibility of long delays in projects that are in a controversy. Usually, cases go to the court and the judiciary quintessentially takes its own time on cases.
If you have taken a home loan for the apartment, delays would mean you end up paying a higher interest amount compared with a project that gets completed on time. This is an additional cost that you have to bear over and above your regular equated monthly instalment (EMI) that will begin once the full loan is disbursed. “The interest payment continues if the project is stuck at a particular stage,” says Anil Sharma, chairman and managing director, Amrapali Group.

If you are on a construction-linked plan for the repayment of your loan, in case of a delay, the pre-EMI gets fixed at the last number and the cycle restarts only when the construction restarts. Since banks disburse the loan based on the completion certificate, you will continue to pay the pre-EMI interest based on the previous disbursed amount till the time the developer resumes construction. The longer the delay, the later would the disbursement cycle start and in the interim, you would continue to pay additional interest on the amount already disbursed.

What’s worse, despite the high cost, there is uncertainty.

What should you do?

We wouldn’t advise you to take risk and invest in a project, which is stuck in a controversy. However, if you come to know that the controversy on its settlement course, such as in the case of projects in Noida Extension area, and you are getting a really good deal, you may consider it. However, even here we advise caution.

But remember that even if a project comes out of controversy, the existing buyers would have to make some adjustments. For example, most developers in the Noida Extension area will go for the maximum floor area ratio (FAR) available for construction. FAR denotes on how much area a developer is allowed to construct on a given plot size. The draft of the master plan of the Greater Noida Authority has proposed to add 0.75 to the existing FAR of 2.75. This can be bought if required.

Says Santosh Rastogi, director, Savouir Builders, a Noida-based developer having projects in the Noida Extension area in collaboration with Gaursons India Ltd, “Most developers will buy this additional FAR. This would mean that they will be able to increase the height of the new upcoming towers.” For exiting homebuyers, this would mean that developers will increase the number of floors. So if you have booked an apartment on the top floor, be ready to have some more floors on your top. This would also mean an increased population density on the same resources. This reformatting may also increase the super area and thereby your cost in some cases.

For new buyers, the rates will increase with the controversy getting sorted out. Says Sharma, “The price rise will also be a consequence of the increase in the input cost due to rise in the raw material cost.”

Source:Live Mint

नई दिल्ली : नोएडा एक्सटेंशन में फ्लैट खरीदने वालों के लिए अच्छी खबर है। राष्ट्रीय राजधानी क्षेत्र योजना बोर्ड (एनसीआरपीबी) ने ‘गेट्रर नोएडा के लिए मास्टर प्लान-2021 के मसौदे’ को शुक्रवार को मंजूरी दे दी।

एनसीआरपीबी की सदस्य सचिव नैनी जयसीलन ने कहा कि एनसीआर योजना बोर्ड के सभी सदस्यों तथा सदस्य राज्यों के मुख्यमंत्रियों ने मास्टर प्लान के मसौदे पर हस्ताक्षर कर दिए हैं। एनसीआरपीबी के सदस्य राज्यों में दिल्ली, उत्तर प्रदेश, हरियाणा और राजस्थान हैं। इलाहाबाद उच्च न्यायालय ने नोएडा एक्सटेंशन में निर्माण कार्यों’ पर रोक लगा दी थी और एनसीआर योजना बोर्ड से मसौदा योजना की मंजूरी लेने को कहा था। नोएडा एक्सटेंशन ग्रेटर नोएडा का हिस्सा है।

केंद्रीय शहरी विकास मंत्री कमलनाथ की अध्यक्षता में बोर्ड की हुई बैठक में मास्टर प्लान के मसौदे को मंजूरी दी गई। नोएडा एक्सटेंशन में 2.5 लाख घरों का निर्माण किया जा रहा है, जिसमें 1.5 लाख पहले ही बिक चुके हैं। जमीन-जायदाद के विकास से जुड़ी कंपनियों ने ग्रेटर नोएडा मास्ट प्लान-2021 के मसौदे को मंजूरी दिये जाने का स्वागत किया है।

आम्रपाली के चेयरमैन और प्रबंध निदेशक अनिल शर्मा ने कहा कि हम बहुत खुश हैं। यह खरीदारों, निर्माण कंपनियों तथा किसानों के लिये अच्छी खबर है। नोएडा एक्सटेंशन फ्लैट बायर्स वेलफेयर एसोसिएशन के अध्यक्ष आरपी त्यागी ने कहा कि यह एक लाख से अधिक उन खरीदारों के लिये राहत की खबर है जिन्होंने नोएडा एक्सटेंशन में फ्लैट बुक कराया था। अब बाधा दूर हो गई है और निर्माण कार्य शुरू हो सकता है। (एजेंसी)

How to Reach- Options
(Entry of Mr. Kamalnath residence from the side of “TIS JANUARY MARG”, Tis January Marg is back side road / adjoining road of 1, TUGLAK ROAD)

Number -1
India Gate --> Akabar Road --> Bungalow Number 15-16

Number -2
India Gate ---> Shahajaha Road ---> Aurangjab Road ---> Clarage Hotel round about ---> Tis January Road (On this Road left side you will find GHANDHI SMRATI after this 1, Tuglak Road)

Number -3
By Metro nearest Metro Station “Race Course Metro Station” from here you reach at Akabar Road Bungalow Number 15-16 (Assembling Point) or Tis January Road (On this Road left side you will find GHANDHI SMRATI after this 1, Tuglak Road).

The activities of the builders and the housing developer are most of the times annoying. Most of the times they refuse to listen and care about the buyers; they follow and keep doing what they think right that too with force. In that case, the buyers may feel helpless, even scared to take any action against them. It is suggested that if any person has any grievance against the builder or the housing develop the person should not fear and sit quite rather he or she should follow the below mentioned steps:

The person should let the builder know about the grievance and send a notice to the builder in writing.
The builder may refuse to accept the notice. Even in that case also there is nothing to be scared of. The proof of the notice i.e. the copy of the notice is to be retained and should be sent by registered post or Under Postal Certificate. The proof of the sending should also be retained.
The evidence of sending the notice is legitimate in the Consumer Court under Section 28A (3) of the Consumer Protection (Amendment) Act of 2002 and will be affirmed as the notice has been suitably served.

Any person can file a complaint against the builder, developer, housing with the consumer court under the following circumstances:

Delivered a house that does not comply with the specifications agreed upon.
Did not provide for free parking space within the compound / complex.
Charged higher than agreed amount.
Did not form co-operative housing society and handed it over to its members.
Did not provide for water storage tank.
Did not give a receipt against the paid amount.
Did not provide for enough ventilation and light.
Delivered a poor quality construction.
Did not deliver the house within the agreed time limit. If time limit not mentioned, it is assumed that the construction will be finished within maximum of 2 years from the date of start of work.
Did not give accounts for the expenses against which the builder has collected money, i.e. maintenance, electrical installations (transformer), etc.

Yesterday we met with M/s Earth at sec-16 Noida regarding the issues of cancellation letters to buyers. In this regard we met with ms Magandeep Kaur(Customer Care Head) for Noida & a Sr. Management concern staff but she refused to tell her name.
Director of Earth Mr.Atul Gupta is out of station & will come in office on Monday & fix a meet with him as per their words. During the discussion we have asked the following topics:

1.How many cancellation letters have u sent to buyers but refused to tell bcz right now they don’t have the data & Monday we will tell after the discussion from management.

2.Why have u send the cancellation, she said already we have send 3 reminder letters to buyers but they have not replied besides this she said we have sent cancellation in oct also & we will send to some other buyers also in future who has not followed their terms.

3.As we said all builders are calculating 10% of BSP then why r not adopting the same in this regard she said our criteria of loan is 75% & for the same I said have u mentioned in buyers form but she said it not cleared to me.

4.One thing she said u come with case to case basis & if buyer will right we will take back our decision but only as sympathy as I feel.

Conclusion: Besides above all points we have raised so many questions to both person but they are not ready to cooperate with the buyers which is totally unethical & myself as a buyer &Vice President NEFOMA hereby oppose to this type of all builders & never bear this kind of activity. Now buyers are requested to please update your problem in NEFOMA site so that we can have a study with our lawyer also regarding these issues & all buyers must have to be united this time.

Appeal: To all buyers please be united & don’t think that this is not our project then why to go & waiste our time instead of this always think this situation may come with any one & at that time we can b on the same type of situation so support each other.


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NEFOMA is Noida Extension Flat Owners and Members Association.Purpose and objective of NEFOMA is to keep updated to all the future residents of Noida Extension based on the users feedback.User can make their decision owners can raise their voice in case of any issues.

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