50,000 buyers in Noida are a happy lot. Since the government has limited the eco-sensitive zone around the Okhla Bird sanctuary to 100 metres instead of the earlier 10 km on three sides.
This move will now help the builders to complete their projects enabling them to let the buyers take possession of their homes.
The eco-sensitive zone now extends merely 100 metres from the eastern, western and southern boundaries of the sanctuary.
This decision was taken up at the meeting of the standing committee of National Board for Wildlife under the chairmanship of Union Environment and Forests Minister, Prakash Javadekar.
However, the final notification has not been issued. It is expected in about one week’s time. It will help Noida Authority to commence the process of issuance of completion certificates to builders who in turn will then begin the delivery of apartments.
Commenting on this decision Javadekar speaking to the media had said, “It is a big relief for homebuyers who had booked flats. Some of them are already paying EMI. Hard-earned money of people had been invested there. They will get relief. The confusion has ended. The final notification will be done in a week. The orders of the NGT have been fully followed.”
According to Anshuman Magazine, chairman & MD, CBRE South Asia Pvt Ltd., ‘It will have a positive impact on the real estate and construction sector in the National Capital Region. Hopefully, with the real estate market opening up once more in the area, homebuyer demand will pick up as well. Especially with interest rates going down and the government focusing on infrastructure development, this might spell good news for the realty market in Noida.”
“The decision of the ministry of environment and forests to notify certain areas as eco-sensitive zone around Okhla Bird Sanctuary is a welcome move. It was a long pending issue, resolution of which will give relief to customers as well as developers,” says RK Arora chairman, Supertech Group.