Real estate woes: Noida authority asks builders to create exit plan or allocate alternate housing

Zee Media Bureau

New Delhi: In what could give a sigh of relief for thousand of home buyers in Noida's sector 107, the Noida authority has asked builders to create exit plan or allocate alternate housing for them.

Buyers of Noida sector 107 had approached the Noida authority stating immense delay in delivery of project. The houses booked in 2009-10 have still not neared completion. Builders had promised delivery of the project in 2012.

It may be recalled that the construction activity in the area has remained stalled for a long time.

Supreme court had in August 2013 quashed the acquisition of land that area which was bought by the Noida authority under an urgency clause of the Land Acquisition Act.

Following farmer's plea the Allahabad high court ordered that all construction in Sector 107 be stopped.

The real estate sector is facing a huge slowdown for last 3-4 years, leading to huge delays of up to 7-8 years in delivery of the projects.

The delay in handover of the flats has forced home buyers to launch protest against builders on streets as well as social media.