Greater Noida home buyers to get money back: Builders
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Noida Extn buyers to get refunds: Builders

Claiming a Rs 500-600 crore loss due to an SC order quashing land acquisition for some projects in Noida Extension, builders said buyers will get back all their money.

 PTI   
  • Noida,  July 14, 2011  
  • |  
  • UPDATED   18:23 IST

Claiming a Rs 500-600 crore loss due to the Supreme Court order quashing land acquisition for some projects in Noida Extension, builders on Thursday said home buyers would get back all their money, including costs incurred as home loan interest payments.

At a press conference organised by real estate developers' body CREDAI, the builders of the affected projects at Noida Extension, which is a part of Greater Noida, said they were sitting on a loss of about Rs 500-600 crore due to last week's court order that cancelled land acquisition from farmers.

Land acquisition woes spoil Noida party

The builders, however, maintained the home buyers at their projects would not suffer and they are being given the option to either shift to some other project or take a refund of the amount paid by them, including the payment toward interest on home loans.

"We will shift the buyer or refund the money with interest equivalent to the interest paid by customers on home loan... We will at least protect the home loan interest payments," Amrapali Developers CMD Anil Sharma said.

Around 500 applications for refund have been received by the developers so far. However, the majority of the buyers want flats at an alternate site, but at the old rate of allotment. Several such buyers have been shifted to alternate sites available with the developers.

Amrapali and Supertech Developers are among the leading builders whose projects have been affected due to the SC order.

"We are estimating a loss of Rs 500-600 crore because of the SC judgement," Sharma said.