SuperTech

SuperTech

Supertech is among the builders affected by the Supreme Court's ruling on land acquisition in Noida Extension. On Wednesday, the apex court upheld the Allahabad High Court judgment quashing the acquisition of over 156 hectares of land in Greater Noida where a township is being developed.

According to officials, the land was initially allotted to builders such as the Amrapali Group, Unitech, Supertech and Mahagun. Despite assurances from these developers, many investors are opting out of the projects. In the process, however, the investors would get poorer by 10 per cent of the booking amount, which ranges from Rs 1.2 lakh to Rs 4 lakh.

Supertech's corporate communications GM Dhananjay Srivastava said: "The investors' money is safe. Only about five acres of our project land falls in the said area and we have sold no flats there."  The developer's Eco Village II falls in the Shahberi village area. "We hereby appeal to our esteemed customers not to panic," he added.

Ravi Kant Pandey, who booked a flat in Mahagun Mywoods in November 2010, said: "It's complete panic for us, though they claim their project is safe. I just want my money back. But they say that if I cancel my booking, 10 per cent of the booking amount - Rs 2 lakh in my case - will be deducted."

An investor from Chennai, who has booked a house with Supertech, said: "The developers will get their money back from the Noida Authority but what about our money? They will return our money only after they get it from the authority."

Sheetal Kishore, who has invested in Supertech, said: "They are asking for another Rs 5 lakh to accommodate me in another project. Where do I get the extra lakhs from? I just want my money back."

Mahagun's director Dhiraj Jain said the court decision has not affected their Mahagun Mywoods project. "The order applies to only small portion of the land, which has been set aside for future development. We haven't planned anything there yet," he said.

Most developers aver that they would either get alternative land or adjust payment with the Noida Authority. However, the realty industry feels the development would affect the general sentiment in the market. According to National Real Estate Development Council (NAREDCO), "The developers are being penalised for no fault of theirs. The Greater Noida Authority should either provide alternative land or refund the land cost."