Noida Extn developers drag feet on refunds- Business News

Noida Extn developers drag feet on refunds

Anuradha Shukla   New Delhi     Last Updated: August 1, 2011  | 12:15 IST

After the recent agreement between farmers in 16 villages of Noida and the Noida Authority, developers in Noida Extension are delaying the process of refund as they feel the issue in Noida Extension will also be sorted out.

Uncertainty however, still prevails for home buyers in Noida Extension as there is no consensus yet between the farmers and the authority, even after repeated negotiations.

"We are hearing nothing from the developers and suddenly they have put a hold on the refund process, asking us to wait till the end of this month as they are expecting some sort of agreement by then," Deepak Sharma, a home buyer in Noida Extension, told Mail Today. "I really do not know how long the whole process will take.

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Moreover, I am confused whether or not to trust the developer. This is a very difficult situation for us," Sharma added, who had invested in Supertech. Similar reactions are coming in from other home buyers too, who are suddenly seeing some hope after the Noida agreement.

"I was waiting for my refund but my broker told me that an agreement is at hand and that if we ask for a refund now we will have to wait for at least three months as there is no final decision on the fate of the project," Neeraj Gulati, another home buyer with Paramount, said.

"I really do not want a house, I just want my refund. But they are saying it may take at least three to four more months as negotiations are still going on between the Authority and farmers. This is a very uncertain situation and we have no way out but to be at the mercy of the developers," Gulati said. Last Saturday, farmers from 16 villages of Noida arrived at a settlement with Noida Authority promising not to disrupt work at any of the project sites after the Authority promised to give them five per cent of land coupled with many other facilities.

However, the agreement does not affect the fate of projects in Noida Extension, where negotiations are still on between the agitating farmers and the Greater Noida Authority. But suddenly this has sent positive vibes for both the home buyers as well as developers.

"This is a very positive development. We feel that we will be able to sort out this issue with farmers before the next hearing in court. The stakes are high. Now, even when the land is returned it is useless for them," a senior official of the Greater Noida Industrial Development Authority, who did not wish to be identified, told Mail Today.

"We are trying to sort out this problem soon so that work can resume again on the sites within a month," the official said. According to the official the stumbling block is compensation. Farmers are negotiating for higher compensation, which the Authority is denying.

"This settlement will encourage the Greater Noida farmers to talk to the (Greater Noida) Authority and sort out their disputes in similar manner," the official added.

Courtesy: Mail Today 

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