All the builders have promised to return the booking amount of all the customers within 15 days rather shifting their flats to some other projects. Moreover, the Confederation of Real Estate Developers Association of India (CREDAI) has also asked the Government and the Authority to share the loss along with the builders.
So, you have also invested in a flat at Noida Extension? No worries! You’ll get your entire money back from the builder, along with the interest amount. All the real estate developers had assured all the investors that the money would be returned back with interest, but people were confused regarding the rate of interest to be applied on the principle amount. This was not clear from the order by Supreme Court even. But, recently the developers have stated that the homebuyers or the investors will get the entire money refund as per the instructions of the Supreme Court.
But, if you are planning to cancel any booking from a project that is not involved in the dispute of land acquisition – the refund will be done as per the agreement and the money will be deducted. And as far as the builders are concerned, CREDAI says that it will ask the Authority to compensate the loss. But there would be no loss to the people / home buyers investing in their projects.
According to Anil Sharma – Vice Chairman of CREDAI, Western UP and CMD of Amrapali Developers – “Either we will shift our customers to some other project or we will return the cost with interest. And interest stands for the interest amount on the home loan.”
When asked “Are people being denied the home loan while investing in Noida Extension?”, the experts said that the banks are ready to provide home loans only if the Greater Noida Authority gives an assurance that the project land was acquired legally in a systematic way. The banks and the Greater Noida Authority will soon have a meeting on the same.