Instalments paid, raised circle rates will add to woes, fear investors

Written By Unknown on Selasa, 08 Juli 2014 | 22.10

Days have passed into months and months into years. The EMI tenures are coming to an end. Yet, the houses seem as far away as they were before they were bought.

Having invested their entire savings or borrowed heavily, thousands of flat-buyers who have invested in the area around the Okhla Bird Sanctuary that has been ruled as an ecosensitive zone are on the edge as they count down to a decision by the government that will either preserve or crush their dreams.

Flat buyers are also wary of the increased circle rates in Noida for the registration of apartments, should a decision by the government take much longer. A group of buyers have already written to the Gautam Budh Nagar district magistrate to hold back the implementation of the new circle rates till the decision comes through.

"We are at a loss from all ends. On one hand, we are paying rents, on the other we are paying EMIs. Our projects are anyway delayed by the builders and now this ruling. Over and above that, the circle rates are to be hiked. Why is a buyer being punished from all quarters?" said Amit Chauhan, a flat buyer at Lotus Panache, who leads a group called the Noida Flat Buyers' Association.

Pointing to a string of legal controversies that have marred real estate projects in NCR, Anuj Singh, another flat buyer, said, "Homebuyers can do due diligence up to an extent before buying a house. But how could such a critical issue have gone unnoticed for years by the authorities concerned? Clearly, something is amiss."

Some other buyers perceive this issue as a direct clash between the government's development objectives and environmental issues. "It is important to balance environment and development, but we certainly believe the government should know how to balance its objectives. It is for this that we have written to the Prime Minister to expedite this issue," said Indris Gupta, member of the Noida Extension Flat Owners' Welfare Association (NEFOWA).

Shweta Bharti, general secretary of NEFOWA, added, "Clearly, now the eco-sensitive zone has to be considered more from the side of the wetland while leaving the developmental projects intact because the thousands of apartments in those projects also host thousands of hopes and aspirations. The law, even with the best intentions, cannot dash so many hopes and dreams about owning a home."

The precarious situation was highlighted by Rohan Sharma, senior analyst at Johns Lang Lasalle (JLL), a realty brokerage firm.

The NWB Act regarding the preservation of the eco-sensitive zone came in 2005 while all builders in the Sector 94 stretch procured environment clearances in 2007. Had there been an issue regarding safeguarding the area, it should have been done by that time. Too much is at stake in that area now. While the preservation of the environment is important, one cannot impose a judgment in retrospect. At such a time, one should only consider outlining a minimal buffer that doesn't affect the development projects already under way. Even a 500-metre buffer would affect the Sector 94 apartments.


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