The Ministry of Environment and Forest
(MoEF) gave the go-ahead for the draft notification of the Eco-Sensitive Zone
(ESZ) around the Okha Bird Sanctuary on Tuesday. The approval of the draft
notification has brought much relief to almost 100,000 home buyers in the
region, who had been left agonizing after the NGT had ordered that
constructions in a 10-km radius couldn’t be accorded completion certificates
until the ESZ is given clearance by the National Board for Wildlife (NBWL).
Meanwhile the NGT, while directing the MoEF to finalize the notification in
three weeks, has added that the notification can also be challenged by
stakeholders. The 10-km radius was based on a directive issued by the National
Board for Wildlife (NBW) in 2005 that had deemed such a radius around
sanctuaries to be considered eco-sensitive. The new draft notification, which
was approved on Tuesday, says that the ESZ will range from 1.27 km on the
northern boundary of the sanctuary till the DND flyway and 100 meters on the
others.
Can you forget October 2013, a month of severe crisis for the real estate
pocket of Noida as the National Green Tribunal (NGT) had literally thrown a
knockout punch to the developers and homebuyers who had already invested in the
projects of the region. And today will go down in the history books of the NCR
where the Environment Ministry has approved the draft notice that allows
construction outside 100 meters on the eastern, western and southern sides of
the Okhla Bird Sanctuary and 1.27 Kms on its Northern side. The distance
falling within that zone has been termed as an ‘Eco-sensitive zone’ wherein no
construction can take place. This decision means that nearly 50 projects and almost60,000
apartment buyers will be finally served justice.
“The news that the entire Noida and NCR real
estate market was waiting for has finally arrived. It’s a big relief for the
homebuyers as well as the developers of the region as finally projects will be
handed over to the respective homebuyers and development will resume in the
previously affected regions. Few months back we had a top verdict for the
Greater Noida West market and now the Noida market has got the decision they
were waiting for. This will now allow barrier free development of the region
and the sentiments that had dented will come back to the market which will
ensure gradual demand shift for housing in the region” says Mr. Deepak Kapoor,
President CREDAI Western U.P. & Director, GulshanHomz. Adding to the fact
Mr. SudeepAgarwal, MD, Shri Group states that “Thousands of anxious homebuyers
as well as developers finally find comfort with the news of reduction in
eco-sensitive zone around the Okhla Bird Sanctuary. Once the final notification
comes out, the developers can obtain their completion certificates from the
Noida authority and can resume their long stalled processes of both
construction as well as possession of complete projects. With almost 60,000
homebuyers getting possession of their homes in Noida, it will surely be a joyous
festive season this year”.
The NGT was set up on Oct 10, 2010 under
the National Green Tribunal Act of 2010 for effective formulation of
environmental policies and for keeping a strict vigil on commercial activities,
in regard to maintaining a sound environment and sustainable development of
nature. Thus, the tribunal has been empowered with necessary jurisdiction that
would deal with matters pertaining to environment and in a way, will reduce the
burden of work that usually rests with higher courts for that matter.Possession
of almost 60,000 apartment buyers was kept on hold and almost 50 projects were
affected due to the previous decision. The two most crucial points that were to
be noted; that most of the construction had already begun when NGT was not even
formed and the eco-sensitive zone in October 2013 had
been increased drastically from 100 meters to 10 Kms due to which most
development got affected or even halted. “The much awaited decision for the
Noida region is finally out. Within a week’s time the final draft notice will
be out in the public that allows construction outside 100 meters on three sides
and 1.27 Kms on the Northern side of the Okhla Bird Sanctuary. The under-construction
projects will finally resume, completed projects will get the completion
certificate, buyers who had invested will get the handover and most
importantly; the property demand in Noida that had gone stagnant will yet again
see an upward movement in the graph”, explains Mr. Ashok Gupta, CMD, Ajnara
India Ltd. Mr. Rupesh Gupta, Director, JM Housing avers “Since the decision
from NGT came out back in 2013; till today over 1 lakh units were constructed
and almost 60,000 units were standing ready and awaiting the handing over to
the respective homebuyers. All the projects that were falling under the radar
will now get the completion certificate and homebuyers will be able to move
into to their dream homes. The affected under-construction projects will
recommence and this construction work will further help in generating demand
for real estate in Noida”.
Due to such a long layoff constructed in
decision making, everyone associated to the sector such as the buyers,
developers and even the authority had suffered severe losses. “The buyers have
been shelling out extra money in form of paying rent as they could not get
their purchased home while paying EMIs at the same time, developers had to hold
the inventory and authority could not register the purchased properties; thus a
loss to everyone. With the decision finally coming out, this will be a win-win
situation for all as homebuyers will break the shackles of living on rent,
developers will be able to continue sales and state government will be able to
procure several thousand crores in rupees of stamp duty”, enlightens Mr. Amrit
Pal Singh, Executive Director, Aprameya Group. It is estimated that this long
delay had costed over Rs. 2,500 crores to buyers and builders as most
homebuyers have been paying their EMIs even as they were awaiting possession
and builders had to hold sold inventory and keep paying interest on their
borrowings. Above all, the state government is projected to acquire close to
Rs. 2,000 crores worth of stamp duty through registration of these properties. “This
news has come out as a much needed breather especially for those home buyers
who were staying on rent and their unit was standing ready. The dampening of
the Noida region as a property hub for almost two years will see an end as
potential home buyers and investors will invest again, that is sure to bring
about steady capital appreciation in the regions that were affected by the
previous NGT order which will also pave way for future property demand in the
regions”, concludes Mr. KushagrAnsal, Director, Ansal Housing.
Comments