Noida Extension Flat Owners & Members Association

NOIDA: Homebuyers of Noida Extension have been granted some relief by the NCR unit of the Confederation of Real Estate Developers’ Associations of India (CREDAI) by directing all developers to not charge any interest on pending EMIs of those who have paid the 10 per cent booking amount till the projects become bankable again. However, those buyers who have just paid the token amount and not signed the agreements have been “requested” to book their flats and pay the 10 per cent booking amount soon.

Representatives of several buyers’ associations had met CREDAI (NCR) vice president Anil Sharma on Monday to dispel apprehensions regarding the status of their homes as even after three weeks of the Allahabad High Court verdict on land acquisition, the actual ground situation remained far from clear. Soon after the HC order, some developers sent off demand letters asking the buyers to pay interests on their pending instalments. Buyers also feared that that the quality of their houses may be compromised if the developers chose to increase the floor area ratio (FAR) of their projects and construct new towers or floors. The buyers, thus, met Sharma on Monday to “request him to bring about some order.”

“After the HC order on October 21, we thought things will be clear, but a lot of confusion continued to prevail among the buyers. To make matters worse, some developers began sending demand letters asking us to pay interest to the tune of Rs 50,000 within a deadline. The banks have stopped disbursing loans so how can we pay any money to the developers?” said Shweta Bharti of the Noida Extension Flat Owners and Members Association (NEFOMA).

However, Sharma has now assured the buyers that not only will the developers be asked to withdraw their demand letters, but they will also not make any major changes in the layouts, the reserved green area of the buildings, and FARs of the buildings. CREDAI NCR will soon issue a “formal direction” to all developers of Noida Extension regarding the same. “We have agreed in principal over almost all the issues that the buyers raised, including interest on EMIs and changes in FARs,” said Sharma. “We will now get in touch with all developers with upcoming projects in the Noida Extension area and take up the matter at the all India CREDAI convention scheduled for November 24 and 25 after which a general consensus will be drafted for all developers to follow,” he added.

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