A consumer booked a flat through a real estate agent near Noida extension in India. He gave his developer all his hard earned money; he also obtained a bank loan with the help of his lawyer. But his entire plan went haywire after the land acquisition controversy and judgement given by the Supreme Court. The hon’ble Supreme Court of India ordered the developer to pay back the money of the buyers who have bought property. He is not the only victim of land acquisition controversy there are many more people like him. This happened with lot of property seekers in Mumbai also. If we believe experts they say that land deals in Mumbai are more diligent and sensitive compared to Delhi and UP.
CREDAI the apex body of the developer have now hired a law firm to present their case in front of the government. The rate of investment and demand in Noida areas has also fallen due to the land acquisition controversy. The developers are feeling that in near future they will be require legal diligence in major land deals including the government property. However the president and CMD of the CREDAI said that they can’t interfere in the matters of the government.
No comments:
Post a Comment