Relief for Noida Real Estate

Noida: October 2013 will be earmarked as a month of severe crisis for the real estate pocket of Noida as the National Green Tribunal (NGT) had literally thrown a knockout punch to the developers and homebuyers that had already invested in the projects in the region. 

And 18th August will go down in the history books of NCR Realty where the environment ministry has approved the draft notice that allows construction outside 100 meters on the eastern, western and southern side of the Okhla Bird Sanctuary and 1.27 Kms on its Northern side. The distance falling within that zone has been termed as an ‘Eco-sensitive zone’ wherein no construction can take place. 

As per the draft notification, no new commercial activity such as the establishment of hotels, resorts or any construction activity will be allowed within the eco-sensitive zone. Areas which will now fall under the ESZ include sector 95, Chhalera Orangabad, Nayabans areas in Noida while areas in Shaheen Bagh, Jasola, Abul Fazal enclave, Okhla, Canal colony, Joga Bai and Khizrabad in Delhi are also included in this.

Consequently, real estate projects that had been stuck in limbo since last year after NGT’s order can now be given completion certificates. This decision means that almost 50 projects and over 25,000 units will be finally served justice. This is a major breakthrough and an important relief for all Noida buyers. This can also be a major sentiment boost for for Noida realestate bringing cheers to thousands of home buyers and prospective investors. 

But despite home buyers and the real estate sector rejoicing after the order, the NGT has made it clear that the notification can be challenged by stakeholders after it is finalized. On Monday, the NGT directed the MoEF to issue the final notification within “three weeks” and said that all “concerned stakeholders or aggrieved persons” could “challenge the notification in accordance with law”.

However environmentalists have raised questions about the decision, with many saying that the move will negatively affect the Okhla Bird Sanctuary – which is home to at least 10 threatened species of birds and countless migratory birds.

Experts believe that irrespective of the multiple takes on the draft notice, it is an important decision and a major relief. Lacs of people will get benefitted which they actually deserved. And this will surely bring a turnaround in the otherwise slow market and one can expect the upcoming festive season to be a good time for everyone.