Panel to decide relief for builders in Noida Extension |
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Posted on 7/4/2012 |
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The Greater Noida Authority has decided to offer some relief to developers with upcoming housing projects in the region. Authority officials said that a committee has been formed to finalize the relief in terms of decreasing the interest rates or starting the payment of installments from now for all projects that have remained stalled due to the land row and long legal battle.
It has not been decided whether this relief will be extended to the homebuyers or not. Greater Noida DCEO, Chandrakant Pandey, said that the Authority had received an application from the developers eeking the relief. Considering the gravity of the issue, the Authority has formed a committee to decide the best relief that can be given to developers.
The developers, on their part, said that for the last one year construction work has been halted. Input costs like labour, rent of machines, cement and steel rates have gone up. Amidst such circumstances, it has become unviable to continue the projects with all the losses at a time when there is no source of income from Noida Extension.
Builders in Noida Extension had claimed to put no burden on existing homebuyers even if they were forced to pay more to Greater Noida Authority as part of extra compensation to villagers. Builders said they would absorb all losses. However, they also added that homes in Noida Extension would become dearer to customers who book flats in fresh projects.
Supertech group director, Mohit Arora, said, “Even though an additional burden has been put on developers, we are still committed to provide affordable housing to our existing homebuyers. We welcome the Authority’s decision to render some relief to those builders whose projects have been stalled completely from the last seven months. We will share the relief with the existing homebuyers.”
“Charging additional cost from existing homebuyers in Noida Extension is absolutely unethical and this practice will not be appreciated. We will render relief to even those existing homebuyers who have defaulted in payments,” said Amrapali group CMD, Anil Sharma. |
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Report: The Times of India
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