NOIDA: Following threats of lease cancellation from the Greater Noida Authority to Earth Towne, a residential project by Earth Infrastructure in Noida Extension, buyers of over 2500 apartments in the project are planning to escalate legal action to seek financial redress.
Earth Infrastructure has due amounting over Rs 40 crore to GNIDA for land lease charges. In a meeting held by GNIDA on October 5, it has been confirmed that the land lease is not cancelled but an extension has been made till October 15 for settlement of pending instalments. The minutes of the meeting of October 5 also state how the builder has stopped responding to phone calls from the GNIDA. The GNIDA is presently trying to organize a meeting with the builder and bring them to the table.
“We have no option but to go to for legal redress. We have already filed a case of cheating against the builders in Allahabad High Court. We have approached the NCDRC and we are waiting for them to admit our appeal for hearing, this month. We are also working out the process of taking a collective complaint to the Economic Offences Wing, of the government of India,” Somnath Adhikari, president of the Earth Towne Owners Welfare Association (ETOWA), told media.
“The buyers have paid up 90 percent of their apartment costs. We all mostly booked the apartments when it was launched in 2010. Now, if the project stands cancelled, what are we supposed to do? We have no route left but to take legal recourse,” Sanjay Agarwal, a member of ETOWA, said.
“FIRs have been made against the builders, cases have been filed, all kinds of active measures have been taken by us, but if the project is facing a lease cancellation, we need to know our rights as buyers in such a situation,” Varun Mishra, a buyer said.
Commenting on the pending threats of cancellation of projects, Noida Extension Flat Owners Welfare Association (Nefowa) is now seeking a meeting with GNIDA to work out ways for ‘buyer’s exit’ from the projects. “The buyers have no fault whatsoever. They have paid up their dues, already overburdened financially. If the land lease is cancelled, what or how will the buyers get their invested money back? What is the legal framework for it? There has to be an exit-plan for buyers too in such cases of defaulting builders,” Indrish Gupta, co-founder Nefowa, said.
Phone calls and messages made to Earth Towne builders, seeking a response on the issue, went unanswered.
Credits ET Realty