Posts Tagged developers

Greater Noida farmers willing to sell back the land for better recompensation

noida extension atoneplaceEvery judgment went in their favor. But still the farmers, who gathered for the mahapanchayat in Bisrak village on Wednesday 20th July 2011, following the Allahabad High Court’s order that the Greater Noida Authority and real estate developers have to give back 600 hectares of acquired land to the farmers, were not just happy.
The reason behind their unhappiness is that the HC verdict does not talk anything about any remedy or gives direction. The farmers do not wish to take back the land as it cannot be used for any agricultural purpose in the next 10 years due to the amount of concrete that has already gone into it. Apart from this even the water table level has dipped from 30 feet to about 120 feet in the region.
The compensation that was offered to the farmers for the land acquired in the year 2008 and 2009 has already been spent on purchasing new land, on flats in Noida, on constructing their homes, on expensive cars and bikes, on lavish weddings and repaying debts. Most of them today do not have means to return back the compensation amount that they got for their land. In Patwari village the total land acquired was about 600 hectares for which over 450 crore was paid as the total compensation amount to the farmers.
That’s why the farmers yearn for a better compensation from the Greater Noida Industrial Authority and also wish that they should be made shareholders in the future development of the region. The farmers want that the compensation amount should be 50% of the money at which the real estate developers bought land from the authority. The farmers further added that under the rehabilitation policy, they want a fixed stake in the land price hike in the region for the next 33 years. Apart from this, they also want that the village land which was earlier acquired by the Authority should be given back to them on lease without any pre-conditions applied by the authority on the same.
noida extension atoneplaceThe farmers said that they are not against the developments taking place in the area but they also want to become a part of the development taking place. They also want that good schools, hospitals and colleges should be set up for them in the area.
Out of the 600 hectares of land acquired in Patwari village only 15% of the land was allotted to developers. 15% was kept for educational institutes, about 15% was kept for IT parks and another 15% were marked for Noida authority plots. Remaining 40% was marked for infrastructural developments like roads, bridges, parks, and other public services.
Brig RR Singh, Director-General of National Real Estate Development Council opine that since the  construction of the housing projects and external infrastructure development has already been started by the developers and the Greater Noida Development Authority respectively, and as a huge amount of money has been spent on the same, so the Courts should consider these factors so that the interest of all the stakeholders – the farmers, home buyers and the developers can be protected. He proposed that the compensation amount for farmers should be rationally raised and thus the authority can reacquire the land from them.
Developers whose projects have been affected due to this situation had a four-hour long meeting on Wednesday to work out a plan to handle the current situation. The developers stated that they have decided to return back the money to home buyers but only after the Greater Noida Authority opts to refund their money along with the amount that they spent on construction so far.
Although the people who have already bought flats in Noida Extension are not willing to take back their money. They want to own their homes. After the High Court’s verdict, the Noida Extension Flat Buyers Welfare Association, which has about 2,600 members, has decided to file a petition in the Allahabad HC to be made a party in the pending cases associated with Noida Extension so that they can also raise their issues in the Court and get a relief. GL Sagar, secretary of the association said that they don’t want refund. They want their flats. In the current real estate scenario, there is no other option available at this price. If they will take back the money then their dream of becoming a home owner will be shattered.
It’s a tough situation which requires deft handling by all the concerned parties to reach to an amicable solution to this situation
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2-BHKs sale creating new buzz in the real estate sector

indian real estate atoneplace.comDid you ever think that the smaller apartments will be selling like hot cakes?
In the present real estate scenario, the utmost demand is for 2 bedroom (2 BHK) apartments and the supply is going well along this demand. That’s the reason why few real estate developers are asserting that 55-60% of their current inventories of their ongoing projects are 2BHK flats.
Developers think that as today most of the home buyers are young salaried or self-employed people so 2 BHK is turning out to be the best ever moving option. They also add that as these first-home buyers are just starting their careers and marital life so adding 55-60% of 2 BHK apartments will surely boost the project sale.
The middle income group nuclear families are the ones who are creating the maximum demand for the 2-bedroom flats in the market. A 2-BHK home seeker normally comes from a middle-class salaried employee hailing crossways almost all sectors, including government employees, school teachers, or employed in the BPO, IT, banking and service sectors.
Some developers also opine that this section also comprises of middle-level self-employed professionals. A characteristic 2BHK home seeker is lured by the affordability tag that comes along with such apartments because the end user has to pay a lower EMI. He is expected to spend his life as in a nuclear family with small kids where they do not need a third bedroom so there is no need to add on the extra cost.
Many renowned developers active in the Delhi-NCR region were aiming at constructing luxury high end apartments but now they are concentrating on the smaller-units type. The young generation is staring out their life in their own dream homes as they know that their parents’ generation has retired in their own home. That’s the reason behind mushrooming of affordable housing projects in the National Capital Region of Delhi.
This is the same story elsewhere in Big metro cities like Bangalore, Hyderabad Chennai Pune, Mumbai where developers are targeting young mobile generation who have left their parental home back in search of better job opportunities in these big cities.
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