Though builders are keeping their fingers crossed and are hoping for a favourable decision from the state government, they are nevertheless concerned about the future of their projects and investment in the area.
The Ahmedabad Urban Development Authority's (Auda) decision to put a brake on the construction work in Bopal area has not gone down well with potential home-buyers.
People are confused, anxious and aggrieved over the Auda move. Though builders are keeping their fingers crossed and are hoping for a favourable decision from the state government, they are nevertheless concerned about the future of their projects and investment in the area.
Meanwhile, many home-buyers feel that they will be at the receiving end in the battle between the government, development authority and real estate developers.
Around 20 small and big residential projects are under construction in Bopal. Majority of the projects have registered more than 50% booking and some are even nearing completion. The customers feel that the government's decision will dash the middle class's hope of having an affordable home.
"The state government's decision cannot be justified and customers will have to pay the price for it," said Sujal Patel, who booked a flat in South Bopal. He said that he paid 75% of the price to the builder and was looking for a home loan.
"Auda's decision will now severely affect my financial planning and will in fact send it for a toss," said Patel. He blamed corrupt officials for the recent mess.
The home-buyers are also perplexed at the government's decision to suddenly change the zone status of certain areas and diktat to the builders to stop construction despite the fact that they had taken requisite permission from the concerned authorities.
Moreover, the property prices in Bopal area have almost doubled in the last one-and-half years. In such a situation, if a builder is forced to return money to his customer who has booked a flat in a high rise property, the customer will still have to spend more to buy a new property.
"It would also cause further delay in taking possession of the flats," said Neeta Shah, who has bought a flat in South Bopal.
The builders are of the opinion that the construction cost will also go up because of the delay caused due to Auda's decision. "We will not be able to pass on increased cost to present customers who have already booked their flats," said a builder.
He said that if the government does not change its decision, they will have no option but to sell the land rather than launch a new project.
"No one will be willing to do business when there is such uncertainty over rules and regulations governing the business," he said.
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