What Is In Store For Noida Homebuyers?
Even though signs of recovery cannot be overlooked, lakhs of homebuyers in the Noida property market cannot see much relief in sight. Most of them are desperate to get possession of their homes, some of which were promised almost six to 10 years ago. One of the popular residential markets known for its affordability, Noida is now reeling under enormous pressure.
Over the last few years, project delays in Noida may have grabbed headlines. Over two lakh units are delayed in the National Capital Region, with 1.04 lakhs in Greater Noida and 44,082 in Noida alone. Among the most notorious cases of project delays are Jaypee, Amrapali, 3C Company, Logix, Today Homes, Rudra Builwell, Mascot Homes, Supertech, Omaxe, Rajesh Projects, etc.
There can be no mention of Noida without property lawyers. “Most of us are appealing through various lawyers. I am in four groups and I would have joined a fifth one if I could invest more money and time,” says Kulbhushan Singh, a dentist by profession, who is paying both rent and EMI every month.
Singh is part of a homebuyer’s group that has appealed to the judiciary to hear a case against 3C Developers.
“While the appeal was filed in January, the date of hearing is October. There is a lot of lag. We don’t know whom to approach – the real estate regulatory authority or the high court,” Singh adds.
Dependency on gensets, livability takes a backseat
If you are a Noida resident, chances are you will be spending some amount on maintenance and amenities such as water tankers and generator sets. Atul Mishra, Sector 168-based Lotus Zing resident, says that while the apartment complex looks up to date, they still have to depend on generators for electricity. Only a few towers in the project have been delivered while others are still under-construction.
“It is a stalled project with no sign of labour at any given point of time. I have heard that labourers were not paid on time. The builder is facing insolvency and I don’t see how the hundreds of others who have invested in this project will get their flats,” says Veena Malik, another resident. Others complain that the look of the project has also suffered because of semi-constructed towers right next to the ones that have been occupied.
Action taken by homebuyers in the recent past:
- Aggrieved homebuyers approached chief minister Yogi Adityanath for an assurance that their homes will be delivered and a stress fund will be provided, for those builders whose projects are stalled for lack of funds. Also, recommendations of the high-level committee formed by the centre and state should be adhered to.
- The Noida Extension Flat Owner's Welfare Association (NEFOWA) and the Noida Extension Flat Owner's Main Association (NEFOMA) have expressed their disappointment at Budget 2019, due to lack of any provision for stress funds, reports suggest.
- A section of homebuyers in Noida, some of whom have been waiting for the delivery of their homes for over a decade, decided to hit the NOTA (none of the above) button in the Lok Sabha elections. The NEFOMA, which has as many as 25,000 registered members, in March 2019, launched a no-home-no-vote drive, to express homebuyers' grievance as other methods of protesting employed in the past seem to be yielding no result.
- Residents are also protesting against the Noida Authority’s plan, for the debris waste treatment plant proposed in Sector 80. Those living in close vicinity such as Gaur Sportswood, have sent over 15 complaints to the Uttar Pradesh Pollution Control Board (UPPCB).
Somewhow, Noida’s popularity doesn’t take a beating, thanks to the various infra projects that are in the pipeline, the most important being the Jewar airport.
Here’s what could bring relief to some homebuyers:
An organised market: An analytics firm revealed that number of developers in the Noida market may have declined by 73.2 per cent. The study suggests that this could have happened, because cautious buyers are now considering only established developers with a clear track record. Fly-by-night developers seem to have taken a backseat ever since structural changes like the RERA made its way.
Cleaner roads: Although the Noida Authority missed its deadline of June 30 to clear all roadside garbage, it may take two months to clear up the mounds, the authority said. Only 40 out of the 400 sites were cleared up so far.
Better transport management: E-challans may become more effective along the accident-prone Yamuna Expressway, given that the National Informatics Centre has fixed a problem by expanding the server space. About 50,000 e-challans that were issued but were pending since May will now be uploaded, making the system effective.
Infra push: Commuters between Delhi and Noida can heave a sigh of relief thanks to the bridge over Shahdara drain built at a cost of Rs 6.50 crores. In July, this passageway was inaugurated, making it smoother for commuters between Akshardham and Sector 14A Noida - an area that sees a lot of traffic bottlenecks.
Vigilance: If you have been in Noida and are complaining of massive traffic, a good reason could be the six-dozen odd private buses that were operating between Delhi and Noida that have now been impounded by the Noida police. ‘Operation Clean-4’ successfully managed to penalise 72 private buses and over 1,000 autos plying without permits.
Dust-free zone: As of now 195 km out of 315km earmarked to be dust-free has got that status. Sectors 55, 57, 59, 60, 74-79 and Sector 123 and 137 Metro station are among some of these dust-free areas.
Waste management: Starting July 2019, Noida residents have been segregating waste at source. About 20 sectors have started with the process thanks to the awareness drive by the Noida Authority.
While the many insolvency-related cases are going on and buyers are awaiting a resolution, there is also hope that Noida will stand on its own feet soon.