Court stay on construction in Noida sectors makes investors wary
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A day after the Allahabad High Court stayed construction in sectors 75 and 120 of Noida, flat buyers and builders are worried that investor confidence, which had been restored after a NCRPB clearance signalled the resumption of work in neighbouring Noida Extension, will now nosedive again.
The High Court on Wednesday stayed work and ask the Noida Authority to file its response as to how it allotted land to builders in these two sectors without completing the process of acquiring the land from the farmers concerned.
The stay covers 120 hectares of land in Sarfabad village and has put on hold the work of six builders.
Representatives of the Amrapali Group, one of the six builders affected, said, "On our part, there is no wrongdoing. The land was given to us after we completed due processes. However, since the court has posed some questions to the Noida Authority, we will now have to wait and see. The stay will definitely hurt investor confidence. Even though the area is not in Noida Extension, where work was stopped for a year-and-a-half, buyers have started looking at this entire area with suspicion."
Rajeev Agarwal, who has a plot in Gardenia Estate, another affected site, said, "So far, I was relieved that the land acquisition issue was mainly confined to Noida Extension. In Noida, the problems were sorted out pretty quickly and farmers got their compensation. But this stay has raised doubts again. I do not know if the Noida Authority will come up with an answer in court. If they don't, and the court quashes the acquisition, I don't know what I will do."
While officials in the Noida Authority refused to divulge details of what will form their reply to court, they said they "respected the opinion of the court".
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