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Confident Noida land crisis will end,investors make quiet inquiries

While most prospective buyers of homes in Greater Noida and Noida Extension areas have stayed away,waiting for the land acquisition fight between farmers and the UP government to be sorted out,there are some buyers who still want to book flats in buildings coming up on the disputed land.

Written by Dipankar Ghose | Noida |
September 13, 2011 3:09:29 am

While most prospective buyers of homes in Greater Noida and Noida Extension areas have stayed away,waiting for the land acquisition fight between farmers and the UP government to be sorted out,there are some buyers who still want to book flats in buildings coming up on the disputed land – despite the crisis.

Delhi businessman Sanjeev Kumar who had come to inquire about a flat in a project in Patwari — the village is at the centre of the ongoing row — said he was trying to buy a property before prices shoot up.

“We always wanted a place close to Delhi. It is very unlikely that all these constructions will be razed. Noida is still the best option. So we are trying to book now,before the prices rise,” he said.

The Allahabad High Court began hearing the arguments of farmers opposed to the acquisition and the state government on a case-by-case basis from Monday.

Manoj Gaur,president of the Western Uttar Pradesh chapter of the Confederation of Real Estate Developers’ Association of India (CREDAI),said that though people are still making inquiries,builders are not accepting booking money until the court comes out with its ruling.

“Though numbers have come down ever since the Shahberi judgement in July,we still get 10 to 15 inquiries a day. On weekends,it goes up to about 50. Since banks will not give loans easily,builders are not accepting money right now,” Gaur said.

According to Gaur,flats in Greater Noida and Noida Extension still remain prime real estate plots. Since large-scale construction has already taken place,customers anticipate that the issue will soon be resolved and prices will rise.

“The controversy doesn’t take away from the fact that in Delhi,the prices are very high,and Noida and Greater Noida present opportunities for luxurious,affordable housing,” Gaur said.

Builders,however,add that lack of any construction activity is scaring away those who do come to inquire. An official of one of the building projects in Patwari said: “Given the court orders,we have stopped all construction activity. This is discouraging. There has been a lot of negative publicity in the last three months and it will take at least six months to restore investor confidence and for numbers to come up to what they were.”

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