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08th Sep 2012

Home loans to soon start in Noida Extension

GREATER NOIDA : Developers in Noida Extension have sent a letter to the Greater Noida Authority to clear the relief being offered to them so that that they can pass off the same to buyers. In a related development, loan processing by banks is expected to start soon so that buyers can avail funds to purchase their dream homes. The vice president of CREDAI and CMD of Amrapali group, Anil Sharma, said, "We are sorting out problems in a phased manner to streamline those things that had become defunct in the past one year. We will first meet the Authority and then meet buyers next week to discuss their problems."

Adding to this, CREDAI (western UP) president and MD of Gaursons, Manoj Gaur, said, "We want the relief granted for the 'zero period' from the Authority in a written form."

Greater Noida Authority CEO, Rama Raman, said, "We have agreed to most of the demands put up by the developers, but some issues need to be discussed. The Authority has started development work like sewage, water, electricity, roads and, most importantly, Metro rail connectivity projects on a priority basis."

"For the last one year, this region did not witness any development work and homebuyers suffered a lot. So we have asked the developers to speed up their construction work," Raman added.

The Greater Noida Authority, which is reeling under a Rs 5,500 crore financial burden, needs to pay additional compensation to farmers and for that it needs urgent cash flow. A burden of Rs 200 per sq feet will be passed on to the developers and they have hinted to pass this on to existing homebuyers with their consent.

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