Wednesday, April 1, 2015

Sentiments of Homebuyers & Developers hurt by Government

Previous year, the Union Ministry of the NDA Government had issued a draft notification according to which the limit of eco-sensitive zone around Ohkla Bird Sanctuary has been reduced to 100 meters on three sides and 1.27 km on another side. Earlier, the limits were set to unrealistic radius of 10km by National Green Tribunal (NGT). Though concerned authorities have performed all the formalities, the much awaited correction to the NGT award is still held by the Ministry of Environment & Forest (MoEF).

As per one of the estimates, homebuyers of more than 55,000 houses are annoyed as developers are not in position to give them possession; reason being completion certificate has not been issued by the Noida authority which hit more than 45 real estate projects. Considering this lackadaisical approach of Modi Government, home buyers who purchased their homes with their hard earned money, developers, and all other stakeholders are wondering that whether electoral promises made by Government should be taken seriously or not.

The sanctuary and affected areas are situated in Gautam Buddh Nagar district of Uttar Pradesh and form the south-east district of NCT. In the words of Mr. R K Arora, CMD of Supertech Limited, the NGT issue has dampened the sentiment in real estate market – this, when the market has barely recovered from Noida Extension fiasco, which delayed all the projects in region by two to three years. It is necessary that NDA government should immediately acknowledge the urgency of the situation and take remedial measures. Supertech has launched its mixed use high rise development project in the vicinity namely, Supernova which has already became talk of the town because of its 80 storied building, Spira. Being located at Sector 94, Noida, Supernova by Supertech is an urban oasis with luxurious, modern conveniences and green living designed to be the nerve center of NCR.

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