Builders, Home Buyers and Farmers are all equally worried about the fate of land allocations in Greater Noida Extension.
Supreme Court has clearly mentioned that lands occupied by builders in Shaberi village must be returned back to the farmers. The Builders who have invested Crores in raising concrete structures know they can’t get the money back now by demolishing the concrete structures. Plus, they have been asked to return the entire booking deposits along with interest to the property buyers. So while they lost money in paying for the land to the Greater Noida Industrial Development Authority (GNIDA), they will lose more now in returning money to the flat buyers.
The Home owners are also a worried lot. They bought their dream homes in the area thinking of good returns in coming 5-7 years. The area was close to Noida, an expressway was coming up, the projects were backed by BIG builders…obviously it was a good deal. But ever since the land allocation was scrapped by Supreme Court, flat owners have lost their sleep. Corporate offices of Supertech Builders, Mahagun and Amrapali have all been filled with angry buyers. Even others builders whose projects are not in Shaberi vilalge, like Gaur City, are getting refund requests. But what are the options in front of the buyer?
Builders are offering a relocation to their other projects. But in that case, your choices of an apartment with pool and mall complex or a East facing home won’t apply. the builder will accommodate you wherever possible. Second choice is get the money back and invest in another area like Raj Nagar extension. Many buyers chose Noida extension area over Raj Nagar extension because Raj Nagar fell under Ghaziabad area, and people feared power cuts and water woes and a degree of lawlessness. But ever since the news of land problems in Greater Noida extension region broke out, prices in Raj Nagar have shot up. A 18 Lakh 2 B.H.K. apartment is now being sold for 22 Lakh. So, even if you get your money back you may not be able to buy a new flat at Raj Nagar because of increased prices. Third option can be to just see how it all goes and have trust in the builder that he will sort things out. But the problem here is that loan installments have to be generally paid every 60 or 90 days, and with Banks now declining to offer loans for the Greater Noida extension region, where will you find money to pay the loans? Grim situation indeed.
The third party in all this conflict, the Farmers too have difficulties of their own. It’s without doubt that they were duped by the Greater Noida authority to sell their lands at cheap prices. But now, what they need is a bigger compensation and not the land itself. Their fertile land has been used by builders to raise concrete structures. Even if these buildings are removed, the land will not be fertile enough to grow anything. Besides, the youth of the village have already left farming and they’d be very reluctant to go back to same life. Farmers panchayat at Khairpur village on Tuesday also acknowledged the fact that they don’t need the land back, they just want higher compensations.
Overall, in this entire episode, the real culprit is Greater Noida Industrial Development Authority and also to some extent the Builders. When land was sold to builders and they were given permission to start construction on the land, GNIDA kept the buyers in the dark. It’s quite obvious that a lot of money must have changed hands between GNIDA members and builders and maybe some political parties as well. But right now, when the builder, flat owner and farmer is suffering, GNIDA has been left to enjoy on their miseries. Politicians like Rahul Gandhi are also trying to add fuel to this fire by taking out rallies with an eye to UP elections 2012. Supreme Court must look into this and make sure that politicians do not aggravate the situation more as it’d only hurt the farmers and flat owners. Also, the guilty parties in GNIDA must not be spared and the strictest of punishment must be given to them.