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Relief for homebuyers as Govt cuts Okhla green zone

Okhla_bird_sanctuary

Providing relief to about 60,000 homebuyers, the Government on Tuesday curtailed the eco-sensitive zone around the Okhla Bird Sanctuary near Noida.

The decision was also welcomed by real estate developers as it will enable them to resume construction in areas earlier declared as a no-construction zone.

The green zone will be applicable to an area up to 100 metres from the eastern, western and southern boundary of the sanctuary and an area up to 1.27 km from the northern boundary, Environment Minister Prakash Javadekar said.

The new green zone is much smaller than the 10-kilometre radius demarcated by the National Green Tribunal in 2013. The tribunal’s decision had crippled construction work across real estate projects that fell within a 10 km radius of the sanctuary.

The final notification about the eco-sensitive zone will come out in a week’s time, MrJavadekar said.

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The notification will allow the Noida Authority to start giving completion certificates to builders, who will then begin the process of handing over apartments to buyers.

Welcoming the development, RK Arora, Chairman of Supertech Ltd, said, “It was a long-pending issue resolution of which now will give a sigh of relief to the customers as well as developers. The decision will enable the allottees of flats in completed projects getting possession, and the developers to complete the projects. The notification will also boost the sentiments of buyers which will ultimately help the real estate market to boom.”

Brijesh Bhanote, Director Sales and Marketing – Lotus Greens Developers Pvt. Ltd said “The draft notification by the Centre defining the eco sensitive zone around the Okhla Bird Sanctuary, reducing it from 10 km to 100 meters on three sides and with a little over a km on the north side, is a welcome relief for buyers of property in Noida who have been waiting to register and move into their ready units for long. The final notification now expected in a week clubbed with the non-increment in circle rates for group housing apartments, will bring an overall positive swing in the sentiment on both sides – buyers as well as developers.”

“This is welcome news for nearly 55,000 buyers and for nearly 2.5 lakh people who were stranded because of this issue. Now people can look forward to move into their new homes which were ready for possession for a long time. When we look at the bigger picture it is not just the buyer who is relieved but also many others who were looking to start businesses or earn their livelihood from schools, hospitals, retail stores and other small businesses, the investors and other financial institutions who have invested their money will also get relief from this decision as thousands of crores were at stake. We would like to convey our thanks and gratitude to Govt which has made this possible and brought relief to lakhs of people,” said, Dr. Anil Kumar Sharma, CMD, Amrapali Group.

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