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A four day property exhibition by the Orissa chapter of the CREDAI, which concluded in Bhubaneswar today, has estimated property deals worth about Rs.150 crore.
Amidst apprehension of rate hike in Noida Extension after the Allahabad High Court ordered more compensation to the farmers, CREDAI said the builders in Noida Extension have decided not to pass on the extra cost to the existing buyers.
After the Allahabad high court cleared land acquisition in 60-odd villages, barring a few where no real estate activity was on, hope has begun floating for thousands of middle-class buyers.
Ratings agency CRISIL has urged Housing Boards and State Governments to generate more awareness on the significance of ratings in developing a real estate project, to help create a level playing field.
Though the developers have hailed the Allahabad High Court’s judgment on Greater Noida land acquisition, they said existing flat buyers will be immune to higher compensations to farmers.
The real estate developers have taken the verdict of the Allahabad High Court, which has awarded a greater compensation to farmers of Gautam Budh Nagar but has not stopped acquisition anywhere barring three villages in their stride.
Welcoming the “balanced” decision of the Allahabad High Court to quash land acquisition in three villages in the Noida, Greater Noida and Noida Extension, CREDAI claims that home buyers will not be affected by the ruling.
In a major setback to the Mayawati Government and the developers who have projects spread across Noida Extension, the Allahabad High Court today, September, 21, quashed the land acquisition of three villages in Greater Noida.
The fate of housing projects on nearly 5000 hectares of land in the NCR hangs in balance as the Allahabad High Court is scheduled to give its verdict today on the 491 petitions against land acquisitions in Noida and Greater Noida.
The Securities and Exchange Board of India (SEBI) on Thursday said it would probe real estate company DLF following allegations by Kimsuk Krishna Sinha that he had been duped of Rs.34 crore.