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Relocation or Refund by GNIDA


Relocation or Refund by GNIDA

Last updated: July 9 2011
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  • Relocation or Refund by GNIDA

    Just read this HT article. May be this can help some buyers to offload their tension

    If you've bought a flat in Noida Extension, where the Supreme Court has scrapped land acquisition for a mega-housing hub, your investment is safe. The Greater Noida Industrial Development Authority (GNIDA) has said buyers who've booked flats in Shahberi village will be relocated or refunded.
    Its CEO Rama Raman met real estate players on Friday and told them to approach each and every buyer and ensure speedy redressal of their problem.

    The Supreme Court had on Wednesday quashed the forcible acquisition of 156 hectares in Shahberi and told GNIDA to give the land back to the farmers.

    "Protecting the interests of buyers is top priority. Builders have to relocate buyers but no relocation will be done without buyers' consent. Builders must refund those who don't want to relocate," Raman said.

    GNIDA will bail out builders too, mainly to ensure buyers get their money back if they so wish.

    "Even otherwise, if a builder wants his money back, we will oblige," Raman said.

    This comes a day after HT reported that buyers had been left to deal individually with builders.

    "No one will be cheated. If anyone isn't satisfied with his builder, he can directly approach the authority," the CEO said.

    Amrapali is the worst affected builder.

    "We had one project, Amrapali Smart City. We have scrapped it and requested buyers to either shift to some other project of ours or take their money back," said CMD Anil Sharma.

    "There were 4,000 buyers. We've settled with 3,500."

    Meanwhile, Raman has met the district magistrate and senior superintendent of police of Gautam Buddh Nagar and told them to ensure farmers don't disrupt construction at sites that aren't legally disputed.

    Link : Relocation or refund for Greater Noida flat-owners - Hindustan Times
  • #2


    Re : Relocation or Refund by GNIDA

    It may be difficult in some cases

    1. Those builders who have only one project in Noida ext… in that case only refund is option
    2. Few builders who impacted have other project in Noida OR other location ( Greater Noida, Indrapuram & Raj Nagar Ext etc) so those who have very tight budget and invested in Noida ext due to cheap price… then can not afford transfer in such location with high price
    3. Loan on current properly will also be transferred in new property so some “transfer charges” will be applicable by bank
    4. Buyer may not get preferred location whatever was selected in NE project and have to go for top floors since bottom floors may have already been booked.
    5. If suppose I paid 5-7 lakh amount in Noida ext project and now I am being transferred into new location than Builder may also deduct some amount (Not sure about this line)
    6. Buyer paid installment +service tax so if your amount is transferred into new projects than legally only installment amount will be consider “transfer amount” and buyer may have to pay extra??


    Have any questions or thoughts about this?