About 6,000 people who had booked flats in residential complexes being built by realty firms like Amrapali at Greater Noida, will be affected by the Supreme Court's order asking the state government to return land to their original owners.
About 6,000 people who had booked flats in residential complexes being built by realty firms like Amrapali at Greater Noida, will be affected by the Supreme Court's order asking the state government to return land to their original owners.
But an apex body of the realtors assured that the affected flat owners will either be moved into other projects or their money will be returned.
Amrapali, which is the biggest of the seven realty firms who have to return land following the Court order, said the firm has already sifted about 3,000 of its buyers to other company projects without any price escalation.
While Amrapali said it will return 40 acres of land it had got from the Greater Noida Industrial Development Authority for its housing projects, Supertech - the second biggest of the seven firm, said the verdict was "victory of people who want to develop slums and unauthorised colonies".
The Supreme Court today upheld the Allahabad high court order quashing the acquisition of over 156 hectares of land from farmers in Greater Noida and allotting it to builders.
"The Supreme Court's decision has affected the projects of 6-7 builders including Amrapali and Supertech. About 6,000 buyers have been affected but developers have taken steps to compensate buyers by shifting them to some other projects or refunding money," apex realtors' body CREDAI president (Western Uttar Pradesh Chapter) Manoj Gaur told PTI.
The association said that it would approach the Greater Noida Authority for some workable solution and noted that seeking refund for investment made on land purchases would be "last resort".
"After Allahabad high court judgement only, we started shifting buyers to other projects at the same price. About 3,000 have already shifted and some others, about 3-4 per cent, opted for refund," Amrapali Chairman and Manging Director Anil Sharma said.
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