buyers of Noida Extension apartments in Greater Noida buyers are in a quandary

However, all is not that well in Noida area. More than 5000 buyers of Noida Extension apartments in Greater Noida buyers are in a quandary as the land they have invested with their life savings is actually a subject of court dispute. They face paying interest on the bank loans or unwillingly accept relocation to other flats in some other project of the same builder. While buyers seek refund, builders are adamantly refusing and holding fast to their stand that they will refund the amount only after deducting penalty. As if this is not enough, the buyers’ woes are further exacerbated by banks too taking a hard stand and refusing to refund the interest paid on the loans. As a middle way bankers recommend buyers move on to a new project of the same builder but buyers are in no mood to listen as then the builders can charge currently high interest rate and impose unfavourable terms.

Buyers plan to approach the Supreme Court with mixed advice from lawyers. Clearly, in this mess arising out of alleged irresponsibility on the part of GRIDA and the developers, buyers are the ones to suffer and cry out for justice. The bright side to the issue is that a bench of Justice A K Ganguly and Justice G S Singhvi has ordered seven builders to refund full amount along with interest to the buyers of their schemes in Sahberi village.