NDTV Profit

Over 55,000 Home Buyers to Get Possession of Flats in Noida

The move to reduce the area of the eco-sensitive zone around the Okhla Bird Sanctuary here would boost housing demand and prices in the Noida property market, CREDAI-NCR President Manoj Gaur said.
EMAIL
COMMENTS
Over 55,000 Home Buyers to Get Possession of Flats in Noida

New Delhi: Over 55,000 home buyers will now get possession of their flats in Noida as the government issued the final notification demarcating the Eco Sensitive Zone (ESZ) around Okhla bird sanctuary, realtors' apex body CREDAI said on Wednesday.

The move to reduce the area of the eco-sensitive zone around the Okhla Bird Sanctuary here would boost housing demand and prices in the Noida property market, CREDAI-NCR President Manoj Gaur said.

The National Green Tribunal (NGT) had restrained the authorities from issuing completion certificate to projects located within 10-km radius of the Okhla Bird Sanctuary or within the Eco-Sensitive Zone till the time clearance from the National Board for Wildlife (NBWL) is obtained.



On Tuesday, the Environment Ministry had cleared the process of demarcating eco-sensitive zone around the Okhla Bird Sanctuary.

The eco-sensitive zone area would be up to 100 metre from the Eastern, Western and Southern boundary and up to 1.27 km from the northern boundary of the Okhla Bird Sanctuary.

"It is a very good decision. Over 55,000 home buyers, whose homes were ready but could not occupy it, will now get possession of their flats as development authorities will start issuing completion certificates to affected projects," Mr Gaur said, adding that overall about 1 lakh homes were being constructed in this area.

"This will have a positive impact on Noida market. Housing demand and prices will increase," Mr Gaur said.

Besides home buyers, he said the notification would help other stakeholders as well.

"Developers will get final payment from customers, state government can earn Rs 2,000 crore in stamp duty, Noida Development Authorities will get dues from builders. So it's a win-win situation for all," Mr Gaur said.

Housing projects of various developers, including Jaypee Green, DLF, ATS, 3C Developers and Supertech, were affected due to the NGT order.

Okhla Bird Sanctuary is at the Okhla barrage over Yamuna River and is situated in Noida Gautam Buddh Nagar district on Delhi-Uttar Pradesh state border.



For latest news on Business, like us on Facebook and follow us on Twitter.
ALSO READ Why Infosys, TCS, HCL Tech, Tech Mahindra Shares Have Hit To 1-Year Highs

Advertisement

GAINERS / LOSERS

Advertisement