The Supreme Court’s verdict upholding the denotification of 156 hectares of land allotted for residential development to developers in Greater NOIDA has come as a blessing in disguise for realty majors including Unitech and Parsvnath, which are seeing upswing in enquiries since trouble began in this area in May this year.

Unitech and Parsvnath, which do not have projects in NOIDA Extension, have seen sales and enquiries rising for their projects in adjoining areas as buyers are now scouting for options elsewhere. It has come as a handy opportunity for Unitech - whose budget brand Unihomes is offering products at a higher range than NOIDA Extension.

In the last one-and-a-half years, NOIDA Extension had emerged as a hot-selling area especially since the dwelling units were being offered at prices as low as Rs2,000 a square feet. Spread across over 2,000 acres, at least 40 builders are developing one lakh units in the area.

Tide, however, turned when SC upheld the Allahabad high court’s May judgment denotifying land taken from ryots by the Greater Noida Authority invoking urgency clause - thereby divesting them of rights of being heard during acquisition.

A Unitech spokesperson said, “With specific reference to Unihomes in NOIDA, in the last few days, the customer queries for Unihomes has increased almost five times and the query translation into sales is expected to be strong.” The price in Unihomes is almost 10-20% higher than those at NOIDA extension.

Parsvnath Developers, another North-based developer active in the National Capital Region (NCR), too, is experiencing changing priorities of consumers.

“For the buyers, it’s like once bitten twice shy. People as of now are stressing on clear titles and clean land record before investing,” said a Parsvnath official. The realtor is developing three projects in Ghaziabad. It has completed the structure of Regalia and Sterling, while bookings are still going on in Exotica, where 1,500 units are being offered.

Manoj Misra, MD, Augtics Services, a real estate research firm, said, “The investors have definitely pulled out from NOIDA Extension. End users are looking for options in Ghaziabad and NOIDA and the NOIDA expressways. This is likely to help Unitech, Parsvnath, and Jaypee.”
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