By Sanjay Chaturvedi
The share of land revenue loot was not shared among all the parties concerned, hence hue and cry on land grab.
According to the Master Plan for Delhi, MPD 2021, about 27000 hectares of land, including some built up area, had been projected as available for urbanization. This was stated by Ajay Makan in a written reply in Lok Shabha in March 2007. This land is broadly to be distributed in different land uses such as residential, comercial, green / recreational facilities and circulation etc. in urban extensions. He said that in the MPD 2021, 45 to 55% of the total unrealisable area had been proposed for residential land use in the urban extensions.
Adjoining NOIDA area is s goldmine to Delhi real estate developers. Noida Development Authority had bagged over Rs.25 billion from sale of about 300 acres of residential land to five builders : Unitech, Omaxe, Parsvnath, Ambience and IVCRL. The sale took place on 21st Feb 2007 and this was biggest amount begged by any authority in India at one go. Unitech was biggest buyer and grabbed two plots of 71 and 54 acres for Rs.10.50 bn. Parsvnath bought a 72 acres plot for Rs.6.02 bn, Omaxe a 37 acre for Rs.3.08 bn, Ambience got a 37.5 acre plot for 3.23 bn and IVCRL won the bid for a 33 acre plot for Rs.2.74 bn.
Of late, many prominent builders were showing their interest in land in Noida and recently, it had seen quite a few big-ticket transactions happening.
Unitech again brought a separate land of 340 acre in Greater Noida for Rs. 15,82 bn. Ansals API is developing a Hi-tech city in the area over 2500 acres.
The land on Greater Noida’s extension was in question and state government of Utter Pradesh wanted to be authority in grabing the land and sell to builders. Which it did comfortably. But exchequers at Delhi could not digest such huge land deals without their shares. Hence all the hue and cry started. Those who already sold their land and given possession to state government wanted realised that they had sold it at a very cheap price hence wanted to revive it. And those who did not got chance to bid also wanted these land deals cancelled at once. State government of UP came with a Land Acquisition Policy and wanted to give Land for Land and decide the compansation according to market price. Since the land in question already acquird and sold, government wanted to become facilitator this time instead of becoming party to the deals.
According to the fresh real estate market reports property demand is falling by 20percent in the NoidaExtension area NCR (National Capital Region), and this is happening due to the court order according to which was acquired forresidential development has to be returned to the original owners. According to the several developers in the aftermath of court order Noida Extension real estate market is severely affected and demand for housing reducing day to day. Allahbad High Court has passed the order following to which the entire land shall be return to the land owners. Certainly court’s order is affecting to the Noida property market, however home buyers are nervous and also waiting to clarity in the entire matter. As per the several sector watchers yet there is no decline in property rates so far on the other hand housing finance rates are also the reason for slowing down the property market, and due to this housing demand has fallen by 20%.
After the Supreme Court’s surveillance with the concern of land acquisition for real estate in Noida Extension and Greater Noida, so banks other money lending institutions has said no to the financial help to under scanner projects. The projects such as Supertech-II (Ecovillage project) centrally located in the disputed land of Shahberi village — parts of projects of Amrapali, Panchsheel Greens and Ajnara Homes and the entire project of Mahagun Developers are not in the good books of banks, especially public sector banks.
According to sources when contacted to the leading the banks and money lenders such as UCO, PNB, SBI and LIC Housing Finance they said finace for this particular pocket is not available
Whereas private banks showed their willingness to lend the money to home seekers but banks such as SBI and PNB are not ready to lend money in Noida Extension area. A builder on the basis of anonymity said that “as the Noida extension area is now disputed so we are not interested to invest in that particular area.”