Noida homebuyers plan protest march

NEW DELHI: Buyers awaiting delivery of homes in Noida for over a year are planning a protest march besides seeking another meeting with union environment minister Prakash Javadekar to push for the final notification on the boundary of the eco-sensitive zone (ESZ) around the Okhla Bird Sanctuary near Delhi.

The National Green Tribunal had more than a year and a half ago forbidden the Noida Authority from giving completion certificates to those projects that fall within a 10 kilometre radius of the sanctuary near Noida.

While it was decided last year to redesignate the ESZ around the sanctuary and the environment ministry had put out a draft notification to bring down the zone to 100 metres on three sides where several real estate projects were impacted, a final notification is still awaited.   

As a result, about 50,000 buyers whose homes are ready cannot be given official possession by builders and the homes cannot be registered. Unofficially though, many builders have started giving possession to buyers. Earlier this month, at a meeting with homebuyers from about 30 real estate projects in Noida who have come under a joint banner of NCR Home Buyers Group, Javadekar had promised speedy action.
 
"We were told that he would finalise the notification in three days. It has now been three weeks but there is no update," said Markandey Mishra, one of the founding members of the group. Mishra said that the group even approached Noida MP Mahesh Sharma, who also assured them of quick response.

The buyers are turning impatient, though, as they have been waiting for their homes for over a year. According to estimates, the long delay has cost over Rs 2,000 crore to buyers as well as builders as most homebuyers have been shelling out EMIs even as they await possession, and builders have had to hold sold inventory and keep paying interest on their borrowings. "We are now planning a candle march in Noida soon with about 1,000 affected people," said Mishra.

Source: The Economic Times