Booked a flat at Noida, Greater Noida? You may have to pay more

Homebuyers now have to pay more for their incomplete flats. The builders of Noida and Greater Noida on Tuesday pitched for recalculating the land cost and this pushed up the prices of the incomplete flats in those areas. This will lead to higher prices of the under construction flats, according to a report by Times of India.

The report stated that that the builders have cited a judgment by Allahabad High Court that ordered Noida Authority to pay 64 per cent higher compensation to the farmers as a result of the reviewed land costs. However, the home buyers have waived off the demand at a meeting of the high-powered committee headed by Union Urban Affairs secretary D S Mishra. Citing that more deliberation needed in this matter, Mishra did not pronounce any verdict regarding this matter.

Uttar Pradesh government had set up this panel which includes representatives of builders, homebuyers, bankers along with the representatives of the government to find a solution for the completion of hampered housing projects.

"There are different views of the stakeholders. The homebuyers are ready to pay the balance and their houses without paying anything extra. But everyone wants a solution. I am confident of coming out with broad guidelines to resolve the problem in the next six months," TOI reported, quoting Mishra. He also said that the committee will take up projects case by case basis.

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TOI also reported that D S Mishra further said that the incomplete projects could be taken over by state-owned agencies like National Buildings Construction Corporation (NBCC). He also said that both the builders and banks have suggested setting up a stressed assets fund through a special purpose vehicle in the meeting. This fund can be used to funding the incomplete projects.