A plethora of home buyers are a suffering lot in the otherwise rapidly developing city of Noida. Thus it comes as no surprise whatsoever those hapless buyers, who have been awaiting possession of their dream homes for more than a year now, are strategically planning to host a protest march in the city pretty soon. Buyers are also seeking to get another meeting with Prakash Javadekar, the union environment minister, in order to push for the issuance of the final notification regarding boundary of the ESZ – eco sensitive zone which lies around the Okhla Bird Sanctuary near the national capital of Delhi.
The all important NGT – national green tribunal had issued a notice last year which stated that no clearance, completion and no objection certificate will be issued by the Noida Authority to any residential realty project whatsoever which fall under a ten kilometer radius of the highly crucial bird sanctuary. Though the decision was over turned by the Supreme Court a few days back, bringing mighty relief to home buyers whose fate was hanging in the balance, a final notification is still pending.
Due to the non issuance of this final notification, possession of over a whopping 50000 state of the art homes could not be offered to their rightful owners. Builders can’t do much either till the notification is received, possession cannot be officially handed over and neither can the homes be registered. The government is losing a humungous chunk as registration fees as a result as well. Thus this situation is a definite lose-lose for one and all involved in the situation.
Developers and home buyers have been waiting for the notification for weeks now but to no avail. And now after months of wait the buyers are turning impatient and rightly so, though, they have already been waiting for their dream homes for at least over a year now. According to several highly reliable estimates, the gigantic delay has cost over a whopping Rs 2,000 crores to buyers as well as real estate developers as almost all home buyers have been shelling out humungous amounts of money as rentals and EMIs as they await possession. While realty builders have been forced to hold inventory which they have already sold and keep shelling out mighty interest on their borrowings. Therefore home buyers are now left with no choice but to plan a candle march in the city of Noida pretty soon with about 1,000 affected people expected to participate.
So here’s hoping for a speedy resolution to the long standing problem. Thousands of home buyers deserve to live in peace at their dream homes with their loved ones. Once this problem is done away with, the real estate sector of Noida will get the much needed boost and therefore never be the same again but for the way better.