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UP flat buyers sulk over builders decision to review development policies

October 24, 2011 - Noida

After the Allahabad High Court quashed land acquisition in three villages of Devla, Yusufpur Chak Saberi and Asadullapur in Greater Noida respectively, buyers in Uttar Pradesh have expressed unhappiness over the judgment.

The buyers are particularly anguished over problems like the accumulated interest on Equated Monthly Instalments, changes in builder-buyer policies and stalled bank loans.

"A lot of buyers are facing problems since builders are changing their layout plans, some of them are changing the payment plans like changing from Flexi to CLP. So, there is a difference of Rs. 200-250 per square metre. So, this is what the buyers were discussing here and buyers have been told that whatever problems they have, they should e-mail their problems, so that we can present their demands in front of the builders and a solution would be found out," said Ajay Trivedi, President, Noida Extension Flat Owners and Members Association.

"The biggest problem we have is related to the banks. Neither have we received any statement from the banks, nor has there been any response from the builders. The main issue is regarding disbursement. There is no clarity regarding disbursement and we do not know if the banks are in a position to disburse loans, because banks had already stopped disbursement in this area", said Devendra Kumar,a flat buyer

The developers' body CREDAI, meanwhile, has maintained that work on the stalled projects will resume only after a meeting with Greater Noida Authority officials.

The court has set up an inquiry commission to investigate how the authorities changed the master plan and gave land to the builders.

The court also observed that the state government was wrong to hand over the huge amounts of land to private builders to construct residential complexes.


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