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Entire Noida Extension not affected: CREDAI


In response to recent Supreme Court judgment on the Shahberi, the CREDAI Western UP has said that the entire Noida Extension is not affecting. “It is only 156 hectares land which falls under Shahberi village. 6,000 home buyers in total of all developers. Entire Noida Extension is fair and no legal hurdle at any other project at Noida Extension,” the developers association said in a press release.

CREDAI Western UP has approached a law firm, which will look after this entire legality of the land process between the farmers, authority and developers so that the developers and the buyers doesn’t face any legal problems in any phase. This firm will look after all the legal process & legality of all the projects in Noida Extension.

“Developers have lost a huge amount with Shahberi judgment, amount canceling for RS500-600 crore. In this process which includes administrative expenses and the Title amount etc,” the body said, adding that the developers have taken all the steps to safeguard the buyers’ interests and all the developers have options to return money with interest or option of another apartment in any other project.
Ashok Choudhary, Chairman & Managing Director, Panchsheel Buildtech, said:“Our only 124 customers are affected, out of which we have reached to more than 50 settlements. Rest of the buyers/investors is mainly looking for relocation. In case even if someone wants his money to be refunded then we will refund their money with interest.”
The developers are planning to meet the authority to discuss modality of refund and decide other course of action.

Developers will focus not to allow any unauthorized colony. Developers approached authority to look after land grabbers and mafia who are making unauthorized colonies.
Developers have requested the authority to stop the sale and purchase of any unauthorized colony by mafia.

“We are approaching the local farmers also. Local farmers are not against the development. They are having few problems with authority, i.e Aabadi settlement, Lease back, which will be resolved in 15 days,” it added.

“Banks want transparency and the title clearance of the land. Title clearance letter will be given to us and we will be giving to banks for proper funding to all projects. We have approach to all nationalized bank to give housing loan to all project and bank also given assurance to start immediate as soon as we receive confirmation letter of land title from GNOIDA,” the developers body added.


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