50k Noida Extension flats to be delivered in 6 months: Credai

Noida Extension could come to life by this year-end with real estate companies promising to deliver as many as 50,000 flats in the next six months.

Situated off the Greater Noida expressway, at a distance of 8km from Noida City Centre, a bevy of housing societies, which are to collectively host nearly 3 lakh apartments, have been at various stages of construction in Noida Extension for years. The flats couldn't, however, be handed over due to litigations on land.

But with the Supreme Court upholding land acquisition in the region in May, that hurdle is gone. The president of real estate association Credai's western UP wing told TOI on Tuesday delivery of flats would now pick up pace. "We have compiled a database on the basis of inputs given to us by all builders present in the Greater Noida West (Noida Extension) area," Deepak Kapoor said. "While some have already started giving possession of apartments, we expect that by the end of this year, close to 50,000 flats will be handed over. The handover process will gather momentum over the next year," Kapoor added.

According to Credai estimates, this could lead to about 1 lakh people moving into Noida Extension by next year. "The wave of growth around Noida Extension will now be increasingly visible. Most of the infrastructure is falling into place," Kapoor said.

But basic infrastructure is very much a work in progress in Noida Extension. While the Greater Noida Authority (GNIDA) has laid power cables and built substations, the road network is still taking shape. A GNIDA official said water supply provisions for individual plot owners are in place, but for group housing societies, it's a builder's responsibility. At least one school is ready and land has been allotted for a few more as well as a hospital.

The official also said streetlights are being installed and GNIDA would undertake a plantation drive when the rains set in to add green cover and rein in dust pollution.

Indrish Gupta, co-founder of the Noida Extension Flat Owners Welfare Association, said the imminent handover of flats was good news but voiced his opposition to additional charges that awaitINVESTORS as a result of additional compensation to farmers.

"The apartments are overdue by several years. The buyers have been patiently waiting for delivery," Gupta said. "It is important that buyers should not be asked to pay extra charges during handover, which have cropped up because of the land acquisition payoffs. We also want builders to make sure the apartments are made with quality material and no compromises are made under the pressure of timely delivery," he added.

SOURCE: MAGICBRICKS.COM