Greater Noida land acquisition: Will refund investors' money with interest, say real estate cos

NOIDA: Private real estate developers whose projects at Greater Noida have been thrown into limbo by the Supreme Court's decision to quash the acquisition of land from farmers assured investors today that their money would be returned with interest if they want.

At a media conference organised under the banner of the Confederation of Real Estate Developers Association of India (CREDAI), six builders -- Supertech, Amrapali, Mahagun, Panchsheel, Gulshan Homes and SPJ (Shree) -- said they expected to incur a collective loss of Rs 600 crore in lieu of funds already invested on construction and other activities at the project sites.

Supertech Managing Director R K Arora said, "We are collectively talking to the authority about our loss incurred due to Supreme Court ruling quashing the land acquisition. Where authority will allot alternate site and how our loss could be recovered is being discussed with officials."

"A total 6,000 apartments are affected under the Shahberi project. It include 700 apartments of Supertech, 150 of Panchsheel and 300 of Gulshan," said Arora.

Amrapali Managing Director and CREDAI (Western UP) Vice Chairman Anil Sharma said, "Association has formed cell to monitor the ongoing projects too, to see where problem was expected and how to overcome it before hand so that investors are not affected."

With regard to land acquisition, the developers said this needs to be looked after by the authorities. They indicated that the present act governing land acquisition needs amendment, but clarified that builders have no role in this.