Mahagun has promised full refund to the buyers who booked flats in its project at Noida Extension. Members of the Confederation of Real Estate Developers’ Association of India (CREDAI) that is one of the developers building homes on land in Greater Noida Industrial Development Authority (GNIDA), which has now been returned to farmers, have said all investors will get their money back.
“We will be fully refunding buyers whose apartments fall under Shaberi village,” said Dhiraj Jain, Director, Mahagun (India) Pvt Ltd, one of the firms, after a meeting of the Confederation of Real Estate Developers’ Associations of India (CREDAI), western UP chapter.
Jain also pointed to immediate fallout of the Supreme Court order to return the land: due to “rising construction cost”, new bookings in Noida Extension, as GNIDA is popularly known, will be sold at an increased price.
GNIDA plans to re-acquire the land, which will now cost more than it originally did. Shaberi villagers, though, indicated they wouldn’t accept a new offer.
