After a big clash among builders, farmers and Noida Authority, finally the decision has come. In a big step towards resumption of work in the stalled housing projects of Noida Extension, a statutory committee of the NCR Planning Board (NCRPB) approved the revised draft Master Plan-2021 for Greater Noida and recommended it to the board.
With the opening of Noida Extension there are some questions come through in my mind like-
1. What will be the property price?
2. How much price will increase on property?
3. What will be the possession time?
4. Will the new property price apply for current buyers?
5. Is there any rebate for current buyers, who are paying the interest for last one year?
Most of the projects like Antriksh’s Golf Link in Sector 1, Amrapali’s La Residentia, Terrace Homes, Dream Valley, Leisure Valley, Centurian Valley, Golf Homes; Gaurson’s Gaur City; Supertech’s Eco Village; Earth Infrastructure’s Earth Towne; Ajnara’s Ajnara Homes, Le Garden; Gulshan’s I Homz,etc, were launched in the affordable price bracket (ranging from Rs 1,400 sq ft onwards). Now, how much would be the price increase after all, delay in construction work has burned a hole in the developers pockets.
There has been a steep hike in the cost of construction materials like cement, steel and others, in the last one year.
The builders also had to pay enhanced rates of compensation to the farmers in line with the Allahabad high court judgment.
Overall, developers are planning to raise prices by 20-30 % in their existing projects. Anil Sharma, the chairman and managing director of Amrapali Group, says: With increase in construction costs and the additional burden of enhanced compensation, we are bound to raise prices. But existing buyers will be free from price rise (likely to come into effect after the final clearance from the NCRPB).The board has finally moved things towards a positive direction in Noida Extension by approving a few amendments, which the GNIDA has said it will comply.
Rama Raman, the chief executive officer of the GNIDA, says: We are now awaiting a formal approval of the NCRPB after its technical committee approved the Master Plan-2021 with some amendments. We have offered relief to developers in their forthcoming projects in Greater Noida to help them recover their losses owing to the inordinate delay in resumption of work. For this, a committee has been set up to finalize the relief in terms of decreasing the interest rates or zeroing the installment time for all projects that have remained stalled due to the land row.