The Allahabad High Court judgment might have raised alarm bells among the developers of Noida Extension, but the moot point remains as to who is actually on the edge-developers or home buyers? While most of the 6,500 Shahberi property buyers are still running from pillar to post for refund or relocation, the Allahabad High Court verdict, quashing land acquisition in Patwari village on Tuesday, July 19, has come as a severe blow for 20,000 buyers.
Hopes of these buyers, who invested their hard-earned money in pursuit of dream houses in under-construction or proposed projects in Patwari, have crashed. Buyers in Patwari village say with the fate of entire Noida Extension project being jeopardised; even relocation is not an option anymore. They are apprehensive they will not be able to buy houses anywhere else.
Builders’ appeal on Tuesday that buyers must “cooperate” with them has left them even more shattered.
“It is a clear indication that we’re in for a long haul as far as refund is concerned. After Shahberi, I felt good that I had booked my house with Supertech’s Eco Village-1. But now this project has been affected too. I don’t know what to do,” said Rakesh Rai, a buyer.
“I have paid Rs.4 lakh till date. My loan was not sanctioned by the bank, which said it had stopped financing Noida Extension projects. I had arranged money from my friends to pay the installments,” he said.
Another buyer who had had booked a flat in a Panchsheel project for Rs.3 lakh said, “Though my loan was sanctioned, it was not disbursed by the bank as it had stopped funding all Noida Extension projects. Now, I fear for my money.”
In Patwari, 14 projects of 11 builders have been affected by Tuesday’s verdict of the high court. Rough estimations say buyers have invested Rs.4,000 crore to book houses.
Builders have also invested roughly Rs.1,500 to Rs.2,000 crore in Patwari projects. Some of the major builders hit by the judgment are: Amrapali, Eros, Stellar, Panchsheel, Ajnara, Earthcon, Arihant, Nirala, Sampoornam, Patel, and Gayatri.
Earlier, the acquisition of 156 hectares of land was quashed in Shahberi village by the Supreme Court but in case of Patwari, the acquisition of 589 hectares of land has been set aside.
Thousands of houses in the price band of Rs.10-35 lakh have been affected. These houses were either under construction or in the stage of planning.
