The fate of real estate projects within 10-km radius of the Okhla Bird Sanctuary towards Noida is in limbo after the National Green Tribunal (NGT) on October 28, 2013, issued an interim direction saying building constructions within the area or within distance of ecosensitive zone shall be subject to the decision of the National Board of Wildlife and till the time the clearance of the Board is obtained, the authority concerned shall not issue completion certificates to projects.
The Supreme Court on Tuesday refused to entertain a plea of real estate firm Jaypee Infratech seeking a direction to Noida Authority to grant completion certificate to its projects falling within the 10- km radius of the sanctuary.
The fear that over 30,000 flats under construction in Noida won't be handed over to buyers if the court order stays spread like wildfire.
Ever since the NGT order, builders have already suffered a whopping loss of about Rs 1,000 crore.
The Jaypee Group spokesperson said, "We don't want to comment right now. We are waiting for the government to define the boundary."
Jaypee Infratech has been affected the most with around 4,000 flats ready for handover.
Getambar Anand, managing director, ATS Infrastructure, and president, Confederation of Real Estate Developers Association of India ( Credai), questioned NGT's order as the state government has only recommended 100 metres around the sanctuary as the eco- sensitive zone.
Projects of more than 40 developers, including Jaypee, ATS, Ajnara and Amrapali, have been impacted with buyers demanding penalty for the delay in possession of flats.
Krina Roy, who has invested more than Rs 34 lakh, over half of the total cost for a three BHK apartment built by the Jaypee Group, also hopes for a positive court order. "I am hopeful that outcome will be positive."
Devender Kumar, founder chairman, Noida Extension Flat Owners and Members Association, said, " We feel that a positive decision will be made once the court reopens and goes through the petition filed by the builders. There are over 40 developers ready to give possession of flats."