Homebuyers at Crystal Homes, an under-construction housing project of Amrapali Group in Sector 76, Noida, can finally heave a sigh of relief. Construction at the site had come to a halt almost a year back owing to land-acquisition issues between Noida Authority and the farmers. But things have been sorted out, and work will resume from next week.
The developer has also given a written assurance to buyers about this.
Construction at the site stopped after farmers approached the High Court against Noida Authority. However, the matter has now been resolved amicably and the farmers have withdrawn the case.
Shiv Priya, director of Amrapali Group, said the company would intimate all buyers through mail. Construction is to resume from March 7. He added, “Buyers needn’t worry about late fines over delayed payment of instalments. The company will pursue the Authority to declare the period in which construction was put on hold as the zero period.”
He further said that a committee consisting of 10 buyers would be constituted for periodical monitoring of development at the site. He explained, “Along with the project in-charge, members of the committee will inspect the site every second Saturday. Hopefully, work will gather speed under their supervision.”
The developer is also keen to open an escrow account, which is a temporary account held by a third party during the process of a transaction between two parties. Such an arrangement restricts the diversion of funds to other projects. Also, the first party, or the builder in this case, needs to get permission before any financial transaction.
In Greater Noida, the developers and the land-owning agency hold such accounts, in which 30 per cent of the amount is reserved as land cost and 70 per cent kept for completing development.
Shailendra Baranwal, a homebuyer, said that in the case of Crystal Homes, the situation was different.
The Amrapali Group wanted to open an escrow account with the buyers and five representatives appointed by the builder. Baranwal explained, “In case of any dispute, project work will be hampered, as the first party or the builder must obtain permission for any financial transaction.”
He added that the buyers objected to the proposal strongly, following which the builder had to withdraw the proposal. He said the builder agreed to not go for an escrow account unless all buyers agreed to it. The decision came in the wake of protests by homebuyers who thronged the project office in the sector on February 26.
