Noida flat buyers move Allahabad HC on its order

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 Noida flat buyers move Allahabad HC on its order
   Noida, Jul 20 (PTI) The Allahabad High Court order
 quashing land acquisition in Greater Noida in the northern
 Indian state of Uttar Pradesh has left thousands of oridnary
 investors worried who moved the court on Wednesday seeking
 relief and many banks were worried over the fate of loans,
 running into hundreds of crores of rupees.
   A day after the High Court ordered that acquisition
 of 589.13 hectares of land in Patwari and Dewla villages be
 cancelled, the Noida Extension Flat Buyers Welfare Association
 (NEFBWA) on Wednesday filed a petition in the court pleading
 it to hear them before deciding on the land acquisition issue.
   "We have requested the court to hear our views before
 deciding Noida Extension petition," NEFBWA secretary L Sagar
 said.
   Over 20,000 people are said to be affected by the High
 Court's order.
   Meanwhile, the court on Wednesday deferred till July
 26 its hearing on petitions filed by farmers of Roza-Yaqoobpur
 village in Gautambuddh Nagar district, who had challenged the
 acquisition of 468 hectares of land by the state government in
 2007-2008.
   The Noida Extension area is spread over 4,000 acres
 and an estimated 2.5 lakh houses are being built there. Out of
 this, about one lakh units have already been sold by builders.
   The muddle has left many banks worried over the
 fate of loans, running into hundreds of crores of rupees,
 committed to home buyers and developers of realty projects.
   "This is an extraordinary situation wherein the
 government-approved projects have been cancelled. We are
 examining the court orders," a senior banker said.
   Many real estate projects have run into deep trouble
 after the court order.

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   Dhiraj Sharma, one of the investors, said: "If I
 cancel the allotment I will loose money and time. Moreover, I
 will not be able to get the cheap apartment. My priority is to
 pressurise the builder to provide the flat at the old rate."
   Mohit Balla's story is no different as he is also
 wondering what to do next after the High Court's order. He
 says he has no option but to to wait for court's order on
 a petition filed by several organisations against Tuesday's
 ruling.
   Bankers said they are as uncertain as customers. They
 are still ascertaining the quantum of loans disbursed to
 borrowers from various branches.
   Sources said banks may not have any choice but to
 invoke bank guarantees in case the loans are not re-paid.
   The affected builders also met officials of local
 authority to find solution to end the present impasse.
       The Greater Noida Industrial Development Authority
 (GNIDA) asked the builders to present a memorandum listing
 their problems and demands.
       "We had a meeting with GNIDA officials today and they
 have asked us to submit a memorandum with our issues and
 possible solutions to the ongoing land acquisition crisis,"
 Amrapali Chairman Anil Sharma told PTI.
   Meanwhile, senior advocate V Giri said the builders
 will have to show the way out for the buyers who have been
 affected by the High Court verdict.
   "Builders cannot let the buyers bore the brunt.... the
 builders will have to compensate them. There is no other way,"
 he said.
   He said the builders will have to either refund the
 deposit amount they collected from the buyers or give other
 options.
   "They may give the option of allotting flats to the
 buyers in some other undisputed area," he said.
   Giri also asked buyers to check about the properties
 and related information through Right to Information Act
 before buying any property. PTI CORR
 ANJ