A day after the Supreme Court verdict quashing the land acquisition at Sahberi village in Gautam Budh Nagar District’s Noida Extension, the affected developers met on Thursday to discuss the fate of their projects under question.
The developers voiced concern saying that the Greater Noida Industrial Development Authority (GNIDA) has so far not shared its views on the verdict and had asked for more time before communicating with them on the matter.
Meanwhile, the developers have also decided to clear the air for the consumers hit by the court verdict by reaching out to them and offering either to shift them to different projects in other locations or refund their money. They have also decided to come out with clarifications through the media.
The six impacted developers ? Amrapali, Supertech, Panchsheel, Mahagun, Gulshan Homes and Ajnara ? met Manoj Gaur, vice-president of the Confederation of Real Estate Developers’ Associations of India (CREDAI), National Capital Region.
Gaur, who chaired the meeting, told FE, “The meeting was to decide the future course of action by the developers …it is the developers who are being penalised for something which they are not involved in. On approaching the authority, we have not got any response and GNIDA is saying that it needs time to understand the verdict.”
Meanwhile, according to industry experts, the region, which is projected to be developing over two lakh residential units, is under jeopardy, making the dream of owning a house for the middle class even more distant.
RR Singh, director-general of industry body National Real Estate Development Council (Naredco), feels that developers are being penalised for none of their fault.
In order to limit their losses, the Greater Noida Authority should compensate them either by providing alternative land or by refunding the land cost charged from them.
