Environment Ministry brings joy to thousands!

Noida, September 8, 2014: Buyers of Noida recently got the news that they had been long waiting for; where the Union Environment Ministry decided upon extending the restrictive zone to only up to 100 mtrs around the Okhla bird sanctuary. With this decision, 20,000 homebuyers whose possession was stuck due to the earlier decision will get a much needed relief. For the same, the central government will soon issue a notification.
From now on, no development can be done within a radius of up to 100 mtrs around the Okhla bird sanctuary except in the north direction towards the Noida toll bridge along the Yamuna. It is being also mentioned that the region up to 1 Km along the Yamuna in the northern direction will be barred from any form of development. At the same time, this will not have any solid impact on the existing area under development. The prohibited area is the marshy land which comes under the no-development zone. The central government will soon put out a draft notification for the public on the decision and search for any objections. After all the objections are resolved, a final notification will be issued and this entire process might take around two months.
With this news, the market sentiments of investors and end users who were interested and planning to buy a property in Noida, Greater Noida and Yamuna Expressway will definitely witness a drastic improvement. The draft notification is likely to be presented around the festive season; it will greatly boost the morale of the customers thereby shooting the demand and sales this year.
Ashok Gupta, CMD, Ajnara India Ltd. said “There is a huge sigh of relief in the market amongst the buyers and the developers. The earlier decision was pretty impractical as it would have gone on to destroy the sentiments completely. Now since we are approaching the final festive season of the year, the new decision will make most buyers eagerly wait to invest again in Noida and nearby regions”.
Deepak Kapoor, Director, Gulshan Homz said “The worst impact of the previous decision was that the work got completed and delivery could not be made. As a result, the builder had to manage and maintain every unit and could not charge any penny from the customers. This prolonged judgement has added to the financial burden of both the parties. Now since a new decision is on the way, the upcoming months will be full of demand and sales for the sector”.
The decision of NGT barring the Noida authority to provide completion certificates to the developers in the region whose projects were within 10 Kms of the Okhla bird sanctuary had gone on to affect 20,000 homebuyers. Those apartments were complete and were ready to offer possession but the developers were unable to offer possession due to unavailability of approval. Also, developers were prohibited to launch new projects in the region and construction of the developing ones was put on hold. As much as 30,000 units would have been completed by next year, which now will take more time to complete as the pace of the developers have reduced. Most of the projects developing in sectors 74, 75, 76, 121, 122, 137, etc. of big names of NCR such as Amrapali, Jaypee, Logix, Gulshan Homz, Ajnara, Antriksh, ATS, Paramount and others totalled to 25 projects affected due to the previous judgement.
Rupesh Gupta, Director, JM Housing said “The decision had delivered two separate blows to the public. One, the prohibition of providing completion certificates for the completed projects; and other being the temporary hold on the under construction projects. This resulted in thousands of units in inventory and delay in construction for the other set. Now since the sensitive zone radius is being reduced, most projects will now be able to offer possession and further can develop.
Sushant Muttreja, CMD, Cosmic Group said “This is great news for the sector and this could not be a better time to receive this relief. Final festive season of the year is approaching and most developers are already gearing up for new launches and offerings in the market. Now the market sentiments are much improved and by the time the final notification comes out, buyers will be mentally and financially ready to buy the property that they were waiting for”.

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