Realtors knock famers’ doors to salvage non-Shahberi projects

With more and more villages moving court seeking quashing of land acquisition, the confederation of real estate developers’ association of India (CREDAI) has got down to saving their non-Shahberi projects in Noida Extension from hanging in the balance too. CREDAI vice-president (NCR) Anil 

Sharma said, “We’re approaching farmers and asking them to relent. We have also spoken to banks asking them not to stop lending in Noida Extension projects, which are not affected by any court order.” Sharma said that CREDAI would set up a legal cell, which apart from resolving the refund issue, would also conduct due diligence before participating in any land auction in future.

CREDAI has hired a firm to look after the situation arising out of the recent court judgment and land transactions among farmers, Greater Noida Authority and builders in Noida Extension. It will look after all projects planned in Noida Extension.

Asked whether homebuyers were being refused loans for non-Shahberi projects too, Supertech chairman RK Arora said banks were ready to disburse loans if the Greater Noida Authority could give them an assurance that the land acquisition was in order.

He said builders had a meeting with leading home loan provider HDFC. “Banks have said no to fund projects in Shahberi. But there is no major problem of funding as for projects elsewhere in Noida Extension. They want transparency and clearance of land title,” he said.

Builders have said the authority will give them title clearance letters and they will forward the same to banks for continued funding to all Noida Extension projects. We have approached all nationalised banks regarding this and their response is positive. Authority officials will also meet banks in this regard.

Developers will focus on not allowing any unauthorised colonies in Noida Extension. They have approached the authority for action against land grabbers and stop sale and purchase of land through illegal means.

“We are also approaching farmers. They are not against development. We all know land acquisition is key to development. Farmers have some issues with the authority. They want their abadi land wrongly acquired by the authority to be leased back to them. They want developed land plots from the authority as part of rehabilitation benefits," said Sharma.

There are 2.5 lakh units planned in Noida Extension. CREDAI has decided to ask the government to ensure there are no Shahberi-like cases in future.