Noida Extn investors confront builder

As the number of investors at the Supertech office grew,the company’s chairman R K Arora was forced to admit that more area than what was initially projected will have to be returned to the farmers of Shahberi.

According to Supertech officials,almost half of Eco Village II is now in jeopardy. “All of Phase-III and almost half of Phase-II will have to be returned to Shahberi. Phase-I has not been affected,” said A Kapoor,chief marketing officer of Supertech.

Construction at Phase-III has not begun yet,while it is in full swing at Phase I.

He said to confirm whether an apartment falls within the affected area,allottees will have to wait till the company releases a detailed map of the area after verification.

Eco Village II,which was planned over an approximate 80 acres,lies in the disputed area of Greater Noida Sector-16 B.

Allottees have been feeling jittery since the Allahabad High Court ruled in favour of the farmers of Shahberi on May 12. “We first met here on May 14. We have been meeting on most Saturdays since,” said Rajendra Kumar,who has booked an apartment in Phase-III.

Supertech is likely to be one of the worst-hit companies,as it has three projects in the so-called Noida Extension area,and bookings have been “substantial”,according to company officials.

Other major builders,like Amrapali and Mahagun,whose projects also fall on Shahberi land,have already offered relief measures for investors. Amrapali has moved most of its investors from the scrapped Smart City to Dream Valley,while Mahagun officials said their MyWoods project has not been affected.

“MyWoods will not be affected,but the recently-launched Myra will be cancelled. Myra,which was supposed to have independent villas,had received 70 bookings,and we have received about 27 requests for cancellation,” said Vineet Kumar,manager (Marketing),at Mahagun.

After the Supreme Court verdict,Supertech had said only around 15 per cent of its Eco Village II project was affected. On Saturday,the company stand seemed to shift.

“We had come to understand that the land that was given to us in Shahberi was without problems,as 29 farmers had accepted compensation against their property. The Supreme Court’s order changes all that,as we have been asked to return the land even if the farmers accepted the money,” said Kapoor.

The company has asked for a week’s time to clear the air,as they wait for the Supreme Court to upload the detailed judgement. “We are awaiting the detailed judgement in this regard to verify for ourselves the details of towers/flats affected by this order,” read a note addressed to all allottees of Supertech Eco Village II from Director Mohit Arora.

“We are assuring you that should your flat/tower get affected by the handing over Shahberi village,we would make an alternate offer to you … in our other schemes within your existing cost and commensurate area booked by you as far as possible or you will have an option to seek allotment in any of our ongoing projects of your choice on mutually agreed terms,” the note read.

The buyers,however,seemed uncertain many who had booked units in the unaffected Eco Village I and III also demanded refund.

“My sister has a flat in Eco Village I,and I have booked one in Eco Village II. Both of us want our investment refunded because we have lost confidence in the project and the area,” said Arvind Kaur,who teaches at a Kendriya Vidyalaya.

The teacher of Social Studies has invested all the savings of her 18-year-long KV career in the project. “I have even taken a transfer to NFC Vigyan Vihar to be close to this place. My bank balance is zero,” she said.