BIG NEWS : SC Order to Builders Return all Investors Money with Interest !!

Check out Latest News On News Channels !!

StuD \m/
Read more
Reply
56 Replies
Sort by :Filter by :
  • Refunds: Interest rate suspense lingers

    Most Builders Claim They Have Not Received Any Applications From Buyers For Repayment


    Noida: Bowing to the Supreme Courts order of Tuesday,the seven major builders active in the Noida Extension area on Wednesday announced they would repay with interest all those homebuyers who wish to withdraw from the stricken housing projects.However,with the exception of Amrapali Buildtech,the builders Supertech,Mahagun,Gaursons,Gulshan Homz,Ajnara and Panchsheel Greens claimed they had not received any applications from buyers for refunds.

    Anil Sharma,CMD of Amrapali Buildtech,said they had started refunding and relocating buyers soon after the Supreme Courts order in the Sahberi village case last week.Sharma said less than five percent of the 4,000-odd affected buyers have sought refund of their investments so far. Amrapali is repaying its homebuyers with interest and service charges that range between 12% and 18%.

    Another developer,Supertech,that until now had claimed that less than 5% of its Eco Village II project was affected by the Sahberi order and that no bookings had been made for the same area,is offering to either refund money with interest or relocate buyers to Eco Village I and III.

    Some of our units in Eco Village II have been affected by the court orders and tomorrow onwards we will begin sending notifications to all the affected buyers,giving them an option of relocation or refund, said the spokesperson for Supertech.Once we receive applications stating buyers choices,we will shift them or return their money within the next 10 days, he added.Supertech has sought legal opinion on returning the service tax that was collected from buyers.

    In spite of the developers assurances,many members of Noida Extension Owners and Members Association (NEOMA) complained that they were yet to receive clear information on their projects or the status of their applications seeking refunds and relocation.Some buyers who have already claimed a refund also complained of not receiving interest on their investments.

    I have got back the Rs 5 lakh I paid for an independent villa I had booked at Mahagun Myra.While the company agreed to return my booking amount,which is around 15% of the total cost of the villa,I have not been paid any interest,nor have I been informed about the interest due to me, said Sheetu Gupta Naib,a engineer currently staying in Delhi.

    Indian Air Force official Anand Kamal,who had booked a 2,275-sq ft villa at Mahagun Myra just a day before the Supreme Court order last week,also said he had got his booking amount back but there was no word about interest.

    Only Amrapali has come clean and begun refunding money while the others are yet to give us a clear picture, said a member of NEOMA.I have booked a two-bedroom flat with Gaursons and have been asking the developer for a refund.For the entire last week they made me run from one counter to another,and now they have asked me to wait for another three weeks before applying for a refund, he added.

    -TOI
    CommentQuote
  • Tracking builders of Noida Extention

    AMRAPALI BUILDTECH: The company claims it has shifted 3,500 buyers from its Smart City housing project to its Dream City project while 30-odd buyers who had sought refunds have been paid back. "To those who have decided to take refunds the company is returning the entire amount, including the interest and service tax, from its own account," said Anand Sharma, CMD

    SUPERTECH: The builder claims it has received only 10 applications for relocation to other projects so far and none seeking refund. "We will begin notifying the affected buyers from Thursday and those who seek refunds will get the entire amount with interest within 10 days after their applications are received," said RK Arora, CMD

    GAURSONS: The company, which has a large project with 10,000 houses in Haibatpur village, said its investors were anxious because of ongoing litigation but had not sought refunds or relocation. "We are waiting as the villagers of Haibatpur have gone to court even though most of them have claimed their due compensation ," said a company spokesperson

    PANCHSHEEL GREENS: Of the project's 29 towers, the 12 in Sahberi are affected by the SC order. "While affected towers have several hundred housing units, we had bookings for only 124 so far and have already shifted 50 of the investors to the (other 17) safe towers or to Panchsheel Hynish project," said Anuj Choudhary, CMD. The company denied receiving any applications for refund and said it would pay back investors with interest within 30 days of receiving their applications

    GULSHAN HOMZ: Gulshan Nagpal, CMD, said on Wednesday the company was willing to return money with interest to clients whose flats lay in Sahberi. But the developer did not say how many of its 836 flats or applicants were affected

    MAHAGUN: Without providing any numbers, the company on Wednesday claimed, "We have shifted 50% of our buyers from the Mahagun Myra project in Sahberi and will refund the money to those interested (in withdrawing ). This refund is applicable only to the affected buyers, though," said Dheeraj Jain, Director. Jain refused to state the rate at which Mahagun would calculate interest for buyers who withdraw

    AJNARA: The company is building 255 flats in the Noida Extension area as part of its Le Garden project. TOI made several attempts to call its offices for comments on Wednesday, but got no response

    Tracking builders of Noida Extention - The Economic Times
    CommentQuote
  • आज कोर्ट का निर्णय तय करेगा एक्सटेंशन का भविष्य

    ग्रेटर नोएडा। शाहबेरी में किसानों की जमीन वापस करने के आदेश में फिलहाल तो कुछ हिस्सा ही एक्टेंशन का प्रभावित हुआ है। अगर बृहस्पतिवार को हाईकोर्ट में सुनवाई के दौरान किसानों के पक्ष में कोई निर्णय आ गया तो एक्सटेंशन का भविष्य खतरे में पड़ सकता है। लेकिन दूसरा पहलू यह भी है कि यदि प्राधिकरण का पक्ष मजबूत रहा तो जो भी अभी तक विवाद हुए हैं किसान सभी समझौता कर लें और विकास कार्य पहले ही तरह से शुरू हो जाएंगे।

    दरअसल, बुधवार को जब ग्रेटर नोएडा प्राधिकरण के अधिकारियों की बैठक हुई तो शाहबेरी प्रकरण में कोर्ट के आदेश का पालन करने के साथ-साथ बृहस्पतिवार को हाईकोर्ट में सुनवाई पर भी विचार किया गया। दोनों पक्षों पर बात हुई। माना गया कि यदि बिसरख, पतवारी समेत आधा दर्जन से ज्यादा गांव के किसान कोर्ट में गए हैं और उनकी सुनवाई १४ जुलाई मुकर्रर की गई है। ढेर सारे किसान ऐसे भी भी जिन्होंने मुआवजा उठा लिया है। किसानों को यदि स्टे मिल गया तो लेने के देने पड़ जाएंगे। सभी विकास कार्य ठप हो जाएंगे और फिर किसानों को मनाना काफी मुश्किल हो जाएगा। साथ ही आशा इस बात पर कायम रही कि यदि प्राधिकरण के पक्ष में कोई निर्णय आया तो राहत मिलेगी और अंदाजा लगाया गया कि फिर किसानों के साथ बैठकर सभी मुद्दे सुलझा लिए जाएंगे।

    किसान पहले ही कह चुके हैं कि यदि कोर्ट ने उनकी बात सुनकर उनके पक्ष में निर्णय कर दिया तो वह फिर अपनी मर्जी से काम करेंगे। यदि पक्ष प्राधिकरण का मजबूत रहा तो आबादी समेत अन्य मसलों पर वह राजी हो जाएंगे और प्राधिकरण के साथ बैठकर समझौते को आधार मानते हुए सभी का निस्तारण करा दिया जाएगा।
    प्राधिकरण मानता है कि जिन गांवों के किसान कोर्ट में गए हैं उन्हीं की जमीन ज्यादातर एक्सटेंशन क्षेत्र में हैं। करीब ५० बिल्डरों के प्रोजेक्ट प्रभावित हो सकते हैं। ऐसे में बिल्डरों के साथ-साथ प्राधिकरण के लिए भी मुश्किल खड़ी हो जाएगी। बिल्डर इस चिंता को समझ भी रहे हैं और किसानों को मनाने में जुटे हुए हैं।

    -Amar Ujala
    CommentQuote
  • Originally Posted by fritolay_ps
    आज कोर्ट का निर्णय तय करेगा एक्सटेंशन का भविष्य

    ग्रेटर नोएडा। शाहबेरी में किसानों की जमीन वापस करने के आदेश में फिलहाल तो कुछ हिस्सा ही एक्टेंशन का प्रभावित हुआ है। अगर बृहस्पतिवार को हाईकोर्ट में सुनवाई के दौरान किसानों के पक्ष में कोई निर्णय आ गया तो एक्सटेंशन का भविष्य खतरे में पड़ सकता है। लेकिन दूसरा पहलू यह भी है कि यदि प्राधिकरण का पक्ष मजबूत रहा तो जो भी अभी तक विवाद हुए हैं किसान सभी समझौता कर लें और विकास कार्य पहले ही तरह से शुरू हो जाएंगे।

    दरअसल, बुधवार को जब ग्रेटर नोएडा प्राधिकरण के अधिकारियों की बैठक हुई तो शाहबेरी प्रकरण में कोर्ट के आदेश का पालन करने के साथ-साथ बृहस्पतिवार को हाईकोर्ट में सुनवाई पर भी विचार किया गया। दोनों पक्षों पर बात हुई। माना गया कि यदि बिसरख, पतवारी समेत आधा दर्जन से ज्यादा गांव के किसान कोर्ट में गए हैं और उनकी सुनवाई १४ जुलाई मुकर्रर की गई है। ढेर सारे किसान ऐसे भी भी जिन्होंने मुआवजा उठा लिया है। किसानों को यदि स्टे मिल गया तो लेने के देने पड़ जाएंगे। सभी विकास कार्य ठप हो जाएंगे और फिर किसानों को मनाना काफी मुश्किल हो जाएगा। साथ ही आशा इस बात पर कायम रही कि यदि प्राधिकरण के पक्ष में कोई निर्णय आया तो राहत मिलेगी और अंदाजा लगाया गया कि फिर किसानों के साथ बैठकर सभी मुद्दे सुलझा लिए जाएंगे।

    किसान पहले ही कह चुके हैं कि यदि कोर्ट ने उनकी बात सुनकर उनके पक्ष में निर्णय कर दिया तो वह फिर अपनी मर्जी से काम करेंगे। यदि पक्ष प्राधिकरण का मजबूत रहा तो आबादी समेत अन्य मसलों पर वह राजी हो जाएंगे और प्राधिकरण के साथ बैठकर समझौते को आधार मानते हुए सभी का निस्तारण करा दिया जाएगा।
    प्राधिकरण मानता है कि जिन गांवों के किसान कोर्ट में गए हैं उन्हीं की जमीन ज्यादातर एक्सटेंशन क्षेत्र में हैं। करीब ५० बिल्डरों के प्रोजेक्ट प्रभावित हो सकते हैं। ऐसे में बिल्डरों के साथ-साथ प्राधिकरण के लिए भी मुश्किल खड़ी हो जाएगी। बिल्डर इस चिंता को समझ भी रहे हैं और किसानों को मनाने में जुटे हुए हैं।

    -Amar Ujala


    fritolay_ps,

    A Big Thanks to you for posting news from different newspapers here...
    It saves a lot of my time and is very helpful...

    Regards
    CommentQuote
  • ग्रेटर नोएडा: बुकिंग कैंसल कराने पर सबको पूरी रकम नहीं मिलेगी


    कंफेडरेशन ऑफ रियल एस्टेट डेवलपर्स असोसिएशन ऑफ इंडिया ( क्रेडाई ) की पश्चिमी यूपी की शाखा की मीटिंग में फैसला लिया गया कि शाहबेरी गांव में जमीन अधिग्रहण रद्द होने से जिन निवेशकों के घरों की बुकिंग फंस गई है उन्हें सुप्रीम कोर्ट के आदेश के मुताबिक ब्याज सहित पैसा लौटा दिया जाएगा। असोसिएशन ने कहा है कि जमीन अधिग्रहण रद्द होने और रकम लौटाने से बिल्डर्स को 600 से 700 करोड़ रुपये का नुकसान होगा। इसके बारे में संगठन ग्रेटर नोएडा अथॉरिटी से बात करेगा।

    बिल्डर्स की मीटिंग में यह भी फैसला लिया गया कि जो प्रॉजेक्ट्स सुप्रीम कोर्ट के फैसले से प्रभावित नहीं हुए हैं और उसमें बुकिंग कराने वाले निवेशक दहशत के कारण अगर अपनी बुकिंग कैंसल कराना चाहते हैं, तो उन्हें पूरी रकम वापस नहीं होगी। क्रेडाई का कहना है कि ऐसे निवेशकों को कॉन्ट्रैक्ट के मुताबिक पेनाल्टी वसूलने के बाद रकम वापस की जाएगी।

    गौरतलब है कि सुप्रीम कोर्ट द्वारा राज्य सरकार को भूमि को उनके मूल मालिकों को लौटाने के आदेश से करीब 6,000 खरीददार प्रभावित होंगे।

    -Navbharat times
    CommentQuote
  • That means Builders are confident that the other projects will remain unaffected....
    Has there been any news yet about todays hearing in AHC
    CommentQuote
  • Most builders are confident that there will be no impact on other projects as the farmers have already taken the compensation. It will be interesting to see the outcome of the other cases which are coming up for hearing this week.
    CommentQuote
  • Originally Posted by RoyalP
    What declaration?, do not you understand language why All banks Stopped Lending for whole NE, don't interpret the things on your own. Bank stopped whole NE projects means KHEL KHATM, be simple, don't confuse and loose more...so SC given good opportunity to us, so take benefit...LOOT ME CHARKHA NAFA !! take benefit whetever we could take.


    What I had written few days ago, please understand the language of Bankers..they are institutions and have expert to analyse the situation, so all Bankers stopped lending for all NE projects, means they were sure anout KHEL KHATM..if Bankers can't take any risk then we buyers should not....

    It is very bad news for us..and I think there are great conspiracy, God know who are involved..I again telling Farmer will also suffer one day...Only Brokers (DALAL) are benificial.....
    HC quashes acquisition of 600 hectares of land in Greater Noida - The Times of India
    CommentQuote
  • Royal P - very true. Bankers do extensive research and they definately were aware of what was instore with the fate of NE projects.
    I only feel for the people who have taken loan and done bookings of their dream homes!!! What will happen of their EMIs and the losses on interest will be huge.
    Also the builders will suffer badely. The government is responsible and everyone should be compensated adequately...
    CommentQuote
  • An Important Clipping for NExtn buyers!!!

    Noida Extension Investors - ACT FAST now!!! Its EMERGENCY situation


    After Sahberi land acquisition got scrapped by honorable SC, Allahabad HC on Tuesday has scrapped the acquisition of 589 hectares of Greater Noida land in the Patwari village, where several projects have got impacted.More cases regarding the land acquired in Greater Noida by builders are expected to come up in the Allahabad High Court on Wednesday and on Thursday.
    1. The HC is expected to decide on land acquisition issues of Roja Yaqubpur and Bisarakh Jalalpur villages of Greater Noida on Wednesday.
    2. Decision on Itheda, Haidarpur and four other villages is expected on Thursday.

    We present brief analysis of potential outcome:
    What’s the worst-case scenario: All HC ruling go in favor of farmers. Authority/builders go to SC and SC also gives judgment to scrap deals.
    In this scenario:
    - All 60+ projects in so called Noida Extension will be scrapped
    - Noida Extension market will be “practically killed”
    - All investors/buyers will loose big time because they will never get house in this area
    - Investors may be able to get their principal money back. Expect delays. Nominal interest may be given. But there is a possibility that each investor may loose anywhere between Rs 50,000 to Rs 200,000 – in addition to loosing his/her dream house.
    - The judgment may have catastrophic impact on all the projects of developers who were active in so called Noida Extension. There is a huge possibility of delays on projects in NOIDA/Ghaziabad as developers will have a cash flow crisis if money has to be returned to investors with bank loan interest rates.
    So what’s the most likely scenario and way forward?

    Although farmers are asking for and back, their core objective likely is to get higher compensation. Noida Extension (actually North Greater Noida) is extremely good real estate location. It’s very well connected with NOIDA and Ghaziabad and several new roads were planned to connect this place even better). So sooner or later, there will be projects built on this land, as it will be practically impossible to restore land to original status
    . Investors have to ACT NOW. Do not wait and watch. Things are moving at very fast pace.
    .com recommends:
    Become part of investor interest bodies and file petition in HC to make you 3rd party to the decision on land cases on Noida extension.
    File cases against banks as well to stop any interest liability until case is solved. Banks are also party as their due-diligence process could have been more stringent.
    Do not make protest group against developers at this point. Best interest at this time is in working together to find a solution.

    Jointly file a petition to Greater Noida Authority. If there is “worst case scenario of all deals getting scrapped”, you may plead with authority to give investors preferential allotment in some future government schemes.
    If there is active interest taken by buyers/investors, there is a possibility for court to look at selling the case by ordering higher compensation instead of cancelling deal altogether. This will be in best interest of everyone. SO ACT NOW!!!
    But one thing is sure – whatever is the final decision, “NOIDA Extension” no more will remain “affordable housing” segment. If and when projects come up, they will be at higher price. And if the current projects continue, the prices will have to increase to absorb losses! We just hope for the best interest of the end-users and investors – who’s interest is least heard in current situation
    CommentQuote
  • As per web site of NEFBWA, the members of NEFBWA has already in Alhabad and are filing writs on behalf of buyers in upcoming two court cases. Both these cases will be heard on 26th July, 2011.

    Much desired development indeed. Let us see what happens.
    CommentQuote