Noida enigma: Builders, flat buyers hopeful of solution soon

With the Allahabad High Court giving farmers an option of out-of-court settlement with GNDA, flat buyers and builders in Greater Noida today expressed hope that a solution will emerge before the August 12 deadline.

"It's a positive development. From blame game, now we are moving towards solution," Confederation of Real Estate Developers' Association (CREDAI) President (NCR) Pankaj Bajaj told PTI.

Echoing Bajaj's views, Noida Extension Flat Buyers Welfare Association President RP Tyagi said court's decision was in the best interest of all the affected parties.

Pointing out that interests of one lakh flat-buyers and several builders along with contractors and material suppliers were at stake, Bajaj said: "We are hopeful of settlement between farmers and the GNIDA."

Realty company Amrapali's Chairman Anil Sharma said, "We respect the court's decision. It is in the interest of all affected parties. We hope that a settlement would be reached between farmers and the authority."

Hearing petitions of hundreds of farmers from a dozen villages near Greater Noida, challenging acquisition of more than 3,000 hectares of land by the Uttar Pradesh government, the Allahabad High Court today referred the matter to the Chief Justice and fixed August 17 as the next date of hearing.

It also said that those petitioners who wished to approach the concerned authorities with their grievances and reach an out-of-court settlement could do so latest by August 12.

However, the court said that those who choose to arrive at any agreement with the authorities during this period would have to inform the court about the same on the next date of hearing with full details about the relief that they have agreed to.

Earlier, in two separate orders, the court had quashed about 750 hectares of land acquisition in Noida Extension (a part of Greater Noida), affecting nearly 30,000 flat buyers of about 20 projects of builders such as Amrapali and Supertech.

About 2.5 lakh houses are bein planned in Noida Extension and out of that 1 lakh units have been already sold.