Hundreds Of People Plea CM Yogi To Help Recover Their Investment in Airwill Intellicity

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Noida : Over hundreds of people requested UP Chief Minister Yogi Adityanath to help recover their life time investement in Airwil Intellicity, a mixed land use project in Greater Noida West, earlier on Sunday they had staged a daylong protest at the construction site and demanded action, but police has registered no FIR against the builders.

According to reports, buyers who had booked commercial spaces at the site along with apartments claim that the project has come to a complete standstill over the last one and half years. They staged a protest under the banner of Noida Estate Flat Owners Main Association (Nefoma) , the buyers claim that they have paid over Rs 400 crores to the builders.

Annu Khan, president of Nefoma, claimed the builders have so far refused to interact with the buyers and at times when buyers try to go to the project site, they are also not allowed to visit. The buyers on Sunday demanded an intervention into the matter from chief minister Yogi Adityanath and claimed all buyers be returned their investments.

Buyers of Airwil Intellicity now want their money back. At certain places of the project site, even the land has not been dug up. So we organized our protest today to make our complaints be addressed,” Annu Khan said.

Civil Remedy

In a situation where a builder commits a breach of obligations as per the Agreement, homebuyers can approach a Civil Court and file a suit for injunction/damages or refund of amount and interest thereof under the Code of Civil Procedure, 1908.

When the builder commits any unfair trade practice during the execution of his obligations as per the Agreement between the builder and the buyer, the homebuyer can approach civil court against the builder for recovery of the amount already paid by him.

Pros: The buyer can get an immediate order for injunction under O. 39 R. 1 & 2 of Civil Procedure Code wherein home buyer can get immediate interim relief.

Cons: In a Civil Suit, the limitation for adjudication of case is longer as compared to the other remedies. And court fee needs to be paid for the amount claimed in order to initiate proceedings.

17 housing projects cancelled in Greater Noida

The Yamuna Expressway Industrial Development Authority (YEIDA) on Wednesday said it has cancelled building plans (maps) of 17 group housing projects owned by Jaypee Infratech, Gaursons, Orris Group, VGA Developers and Ajnara Group. Out of the 17 group housing projects, 12 belong to Jaypee Infratech, two are of Gaursons and one each is owned by Ajnara, Orris and VGA Developers.

The move is likely to affect hundreds of home buyers who have made investments in these projects.

Not much hope for buyers invested in stalled projects

The real estate regulatory authority (RERA) that is likely to be formed in Uttar Pradesh soon will not benefit homebuyers who have invested in realty projects that are currently stuck, according to officials of the Noida authority.

According to reports, the Officials said that RERA will not be able to resolve complicated cases, wherein buyers have paid the total flat cost but the realtor is unable to execute delivery due to a fund crunch.

“There are many builders who claim they have no funds to revive a stuck housing project. Homebuyers refuse to pay the remaining 4-5% of flat cost because they do not trust the builder, who has allegedly diverted buyers’ money to other businesses illegally, thereby delaying a group housing project. RERA has no provision to rejuvenate a stuck project if the builder has no funds,” a Noida authority official said.

With PTI Inputs

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