Exit may be a good idea

Noida Extn: exit may be a good idea

LAND TANGLE While the UP govt and farmers of Noida Extension battle it out, around 30,000 homes are at stake THOUGH SC HAS ASKED DEVELOPERS TO GIVE AN EXIT OPTION TO BUYERS AND REFUND MONEY, THE PROCESS IS LIKELY TO GET DELAYED

If you have invested in one of the projects in Noida Extension area and were waiting with bated breath for Tuesday's Allahabad high court judgement on the land acquisition row in the area, your wait just got longer. The matter came up for hearing in the high court on Tuesday but was adjourned till August 17 with the court giving time to the farmers and the Greater Noida Industrial Development Authority (GNIDA) to reach a compromise.
At least 30,000 buyers may have to pay a price for the Uttar Pradesh government's “malafide use of powers“, as the Supreme Court put it in one of its judgements, in acquiring land from farmers at unbelievably low prices and selling the same to developers at a much higher price. Farmers allege that the land was acquired from them at R400 per square metre and sold to builders at R10,000-11,000 per square metre.

While the farmers of certain villages are celebrating their victory over the state government and some others are queued up in the court with similar demands, homebuyers who had invested their hard-earned money in projects of this area are left in a quandary.
THE STORY SO FAR It all started with the farmers of Shahberi village moving the high court earlier this year against the GNIDA, alleging illegal land acquisition and low compensation.

In May, the high court ruled in the favour of farmers, quashing the land acquisition by the GNIDA. On July 6, the apex court upheld the high court's judgement, cancelling the allotment of five builders. Around 6,500 homebuyers were left in a quandary. Within a few days, SC asked developers to either give a refund to buyers or shift them to other projects.

Inspired by the victory of Shahberi village, farmers of Patwari village in the Noida Extension region went to the high court with similar demands and got a ruling in their favour on July 19. This ruling affected at least 20 projects and at least 25,000 buyers. This was followed by a spate of similar demands by emboldened farmers from at least 9-10 other villages of the region. The High court then decided to club all such petitions in a single hearing on Tuesday.
EXIT IS TOUGH...
Though SC has asked developers to give an exit option to buyers and refund their money, the process is likely to get delayed. In fact, the process hasn't even started yet. A Noida-based buyer, who spoke on the condition of anonymity, wants to exit Supertech Ltd's Ecovillage 2 coming up in Noida Extension. But in the absence of a formal letter in this regard, he doesn't know how to start the process. On July 19, the firm's managing director, RK Arora, had announced that the company will contact its buyers soon. Many other buyers are finding themselves in a similar situation.

Most developers we spoke to said they would inform buyers about the two options as soon as possible, but admitted that the process may take time. “We are in talks with GNIDA officials,“ said Manoj Gaur, chairman, Gaursons India Ltd. “Buyers should not panic. Exit will not be an easy one. This is because we have already invested significantly on construction till date. And if any buyer comes to us seeking refund, giving away the money is not just a `sign on a cheque' and `subsequent encashment' of the cheque.“

But how long will they have to wait?

“The wait can be of six-nine months or even more, depending on the changing scenario,“ said Smarjit Singh, managing director, Agni Property, a brokerage firm with a pan-India network. ...AND SO IS SHIFTING The other option that developers have been asked to give is shifting homebuyers to other projects. However, this would work only if the shifts are happening outside Noida Extension. The reason: with more villages in the region moving court over the issue of land acquisition, other projects may also get affected.

For instance, for its Ecovillage 2, Supertech had given shifting options to Ecovillage 1 and 3. But on July 19, when the high court ruled in favour of the farmers of Patwari village, the land on which Ecovillage 3 was supposed to come up went back to the farmers. FINANCING MAY POSE A HURDLE TOO With uncertainty looming over the region, banks may exercise caution in financing projects there. HDFC Ltd refused to answer queries sent via email.
Even ICICI Bank Ltd, which has a small exposure in this region, also refused to answer queries. When contacted on tele, Punjab National Bank's (PNB) termed the developments of Noida Extension as a Pandora's box, “We adopt certain basic measures and precautions while disbursing loans,“ said SK Singh, general manager, PNB. “Anything like developments in Noida Extension is completely not anticipated. There are more cases pending before the court.“

Moreover, even projects that are not affected in the region may face funding problems. Recently a reader from Ghaziabad, Ashish Dasgupta, wrote to us about such a problem. His lender, HDFC, refused to disburse the pending amount of loan for his project in Noida Extension even though the project is not affected by any judgement.
Dasgupta has booked a flat in Mahagun Mywoods, Ebony Tower and his loan was approved by HDFC, Lohia Nagar, Ghaziabad. When he enquired with the branch about the status, the lender said that HDFC has stopped funding projects in Noida Extension.

Mint sent queries regarding the case to HDFC via email, to which the bank replied that it didn't want to comment.

Opt for the refund if the builder is offering it; shift to another project only if it is in an area outside Noida Extension.
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  • Exit is always last option in the current circumstances as it will be very difficult to extract money from the builder. So if at all some loss is to be absorbed, why not wait for few months and give negotiated settlement a chance. In any case no one is paying to builder any more..
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  • Originally Posted by SMJ2011
    Exit is always last option in the current circumstances as it will be very difficult to extract money from the builder. So if at all some loss is to be absorbed, why not wait for few months and give negotiated settlement a chance. In any case no one is paying to builder any more..


    You are right, at this time better to wait till 17th August. Waise bhi iss builder lobby se paisa nikalna itna aasan kaam nahe hai. But again after some time if it looks that no immediate solution is near in NE then better to take money with interest (as per SC) from builders otherwise choote aur naye builders aase bhag jayenge jaise gadhe ke Siir se seeng, phir doondte rahe jayoge ki kissse paisa vapas le. Wait up to a fix time frame not indefinitely.
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  • Originally Posted by saurabh2011
    You are right, at this time better to wait till 17th August. Waise bhi iss builder lobby se paisa nikalna itna aasan kaam nahe hai. But again after some time if it looks that no immediate solution is near in NE then better to take money with interest (as per SC) from builders otherwise choote aur naye builders aase bhag jayenge jaise gadhe ke Siir se seeng, phir doondte rahe jayoge ki kissse paisa vapas le. Wait up to a fix time frame not indefinitely.



    I do not think any builder in NE is ready to make immediate refund as per SC order. All are saying we will refund only after we get money from GNA which is a long drawn process...So buyers really do not have choice but to hold the allotment and wait.
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  • Originally Posted by SMJ2011
    I do not think any builder in NE is ready to make immediate refund as per SC order. All are saying we will refund only after we get money from GNA which is a long drawn process...So buyers really do not have choice but to hold the allotment and wait.


    Sahe baat hai, bechara innocent buyer hee sabse jayeda phasa hai. Ek taraf khai hai to dusre taraf kuyan hai.:bab (6):
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  • Everyone has different views..
    There wont be any affordable home once new land policy comes into picture.. so you wont get property anywhere at such low rate...

    Sooner or later.. that means after 2012. elections... things will settle down..

    So think many times before coming out from any existing project..
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  • Exit during the worst time does not make any sense. Take the risk (if any) and hold tight.
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  • Originally Posted by ashokyadav
    Everyone has different views..
    There wont be any affordable home once new land policy comes into picture.. so you wont get property anywhere at such low rate...

    Sooner or later.. that means after 2012. elections... things will settle down..

    So think many times before coming out from any existing project..



    I will suggest, Exit from Noida extension is a very good idea.
    Things will not settle down very soon. Builder got a very good excuse for delay. Property price in this area will never increase.

    Better to come out from here and try to take one BHK ready to move flat instead of 2/3 BHK under constructed flat.

    Property price will increase soon for undisputed land very soon. New land acquisition policy also will increase price so exit ASAP and try to take ready to move flat.
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  • Originally Posted by jnk.2011
    I will suggest, Exit from Noida extension is a very good idea.
    Things will not settle down very soon. Builder got a very good excuse for delay. Property price in this area will never increase.

    Better to come out from here and try to take one BHK ready to move flat instead of 2/3 BHK under constructed flat.

    Property price will increase soon for undisputed land very soon. New land acquisition policy also will increase price so exit ASAP and try to take ready to move flat.


    If you are talking from end users perspective (NE is mainly for end users) then it is never recommended to go for a 1BHK for your family. Plan well in advance and go for the largest possible flat for your family. Once you lock this option... you can not add a room in a multi-storied.
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  • I agree exit is not the solution but actually there is no solution seen in long term too for Noida Extension. I wonder when i tell few of my friends, that particular builder will never deliver, they say "yaar woh toh bahut bada builder hai... 10-15 project chal rahe hain uske different cities me"... bhai this is the reason... more projects..is the reason for the big builders that'll lead to them to disaster.....
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  • Exiting from NE is easier said than done. No Builder would be ready to give full refund at this stage when the situation is so fluid. At best he may be able to recover only a part of his money. One can only sit back and watch and hope for the best.
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  • Originally Posted by LChand
    I agree exit is not the solution but actually there is no solution seen in long term too for Noida Extension. I wonder when i tell few of my friends, that particular builder will never deliver, they say "yaar woh toh bahut bada builder hai... 10-15 project chal rahe hain uske different cities me"... bhai this is the reason... more projects..is the reason for the big builders that'll lead to them to disaster.....


    Fully agreed Shikanjibhai. Many people are so bhole bhale that they can not see beyond what is shown to them.

    In NE, there are just few builders (not more than 5) that can be trusted ... rest are all fly by night!!

    People booked on those questionable builders can think of exit... but g-har ka sapna bahoot hi seditive hta hain.
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  • साबेरी के किसानों ने मुआवजा लौटाया - जागरण प्रकाशन

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  • अब रिफंड के लिए लगा रहे चक्कर
    31 Jul 2011, 0400 hrs IST

    ग्रेटर नोएडा ।। अब रिफंड के लिए लगा रहे है चक्कर बुक कराने वाले लोग - Navbharat Times

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    कोई सुनने को तैयार नहीं

    बुढ़ापा अपने मकान में बिताने की ख्वाहिश थी। इसके लिए ईको विलेज में 2.14 लाख देकर फ्लैट बुक कराया था। अब बिल्डर पैसे वापिस करने को तैयार नहीं हैं। ऑफिस से छुट्टी लेकर 5 बार कंपनी के ऑफिस आ चुका हूं। हर बार कुछ दिनों का इंतजार करने को कहकर भेज दिया जाता है। -जी. एस. श्रीवास्तव, इंदिरापुरम

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    मैंने स्मार्ट सिटी में फ्लैट बुक कराया था। कुछ दिन पहले तक बिल्डर इसी कीमत पर लोकेशन कहीं और शिफ्ट करने का आश्वासन दे रहे थे। अब इस बारे में भी कुछ नहीं बोल रहे हैं। लोन की किस्त देनी अब भारी पड़ रही है। जमा रकम वापस चाहते हैं, लेकिन बिल्डर देने को तैयार नहीं हैं। -पलक जैन, गुड़गांव

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    ईको विलेज -1 के कैंसल होने के बाद बिल्डर ने इसे ईको विलेज -2 में शिफ्ट करने का कहा था। अब इससे किनारा कर बिल्डर नए सिरे से नया प्रपोजल तैयार करने को कह रहे हैं। रकम वापसी पर भी कुछ नहीं बोल रहे हैं। 17 अगस्त तक कोर्ट का आदेश आने तक इंतजार करने को कहा जा रहा है
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