Saturday, July 16, 2011

The damage caused by the land acquisition controversy in Greater Noida and Noida Extension isn’t nearly as serious as it appears

              Not too long ago, Noida Extension was one of the most coveted real estate destinations for housing projects in the NCR. The sheen seems absolutely shorn because, as of the moment, Noida Extension is mired in confusion and controversy over land acquisition, and buyers are concerned about the future of real estate projects in the area.
              Speculation is rife and it has reached a point where banks and financial institutions have refused to provide home loans for projects in what are considered affected areas. Real estate developers are finding it next to impossible to convince buyers that projects in other villages are sound investments.
              The need therefore is to cut through the layers of mass hysteria and analyse the situation with reliable data. The fact of the matter is that out of 3,000 acres of the potentially developable area in Noida Extension, only 385 have been affected by the recent Supreme Court ruling. There are no issues regarding the rest of the land — at least not at the moment.
              “There are still many other villages and areas in Greater Noida / Noida Extension that can be looked at,” says Mohit Arora, Director, Supertech Limited. “ All the projects in these villages are safe.” Greater Noida and Noida Extension had attained stratospheric heights in the recent past because they gave buyers the option of owning affordable houses at a time when property values in the city were touching the sky.
              The real estate fraternity is unwavering in its stance that buyers won’t lose out on their hard- earned monies. “ The developers whose projects have been affected by the court’s verdict are taking full care in the interest of their valued investors either by accommodating them in other projects or by refunding the money.”
              “The lesson to be learnt out this mess is to have a more transparent and well- managed land acquisition process. That alone will revive buyer sentiment.” Housing is the foundation urban life. A controversy in this area strikes at the very heart modern society. But all is not lost — the road to NCR’s real estate reparation begins from this point onward.