Noida Extension Approval: A Mixed Bag of Reactions
The recent approval of Noida Extension has triggered a wave of diverse reactions, ranging from initial jubilation to mounting anxieties among buyers, builders, farmers, and environmentalists. The complexities surrounding the approval have created a sense of uncertainty, raising more questions than answers for all stakeholders involved. The approval of development in this area created a momentary sense of joy but a walk through Noida Extension revealed underlying tensions within a fortnight.
Tensed Buyers
Buyers who had previously booked flats and apartments in Noida Extension are now experiencing anxiety over the status of their bookings. Concerns have arisen regarding potential cancellations by builders, demands for higher prices, and uncertainties about property sizes and spaces. Residential welfare associations have engaged with the Greater Noida Industrial Development Authority (GNIDA) to address these issues and seek resolutions. There are two options being explored by builders: decreasing flat sizes in the redesign or increasing the number of floors. Allegations have surfaced against builders for canceling reserved bookings on flimsy pretexts, seemingly to accommodate new bookings at higher prices for increased profit. The Noida Extension Flat Owners’ Association (NEFOA) has issued a stern warning to builders, threatening legal action if any deviations are made from the original building plans or designs.
Troubled Builders
Builders, too, are facing their own set of challenges. Increased labor and raw material costs are adding to their financial burdens. They are facing resistance from buyers regarding any changes to apartment designs or sizes. Substantial payments made to authorities and farmers to resolve prior land disputes are also weighing heavily on their finances, and recouping these costs is proving more difficult than anticipated. These difficulties are piling on from all angles.
Furious Farmers
The situation is further complicated by the grievances of farmers, who claim they haven't received their rightful payments from builders. Their protests and disruptions at construction sites have further fueled the builders' troubles, preventing many projects from resuming construction even after the approval. The farmers have been hindering work at many locations in the hopes of securing payment.
Grieving Nature
Adding another layer of concern, environmentalists are raising alarms about the potential for worsening water scarcity in the area, a threat that has become increasingly palpable. The Noida Central Water Authority reports a concerning annual depletion of the water table by approximately 70 cm. With each builder estimated to utilize around 2 lakh liters of water daily, the cumulative impact of numerous construction projects on the region's water resources is causing significant apprehension, threatening irreparable damage to the water table. Noida's water level, once classified as "safe" in 2004, has deteriorated over the last 5 years to "semi-critical" by 2009. Experts warn that if this trend continues for the next 3-5 years, the situation could further escalate to a "critical" stage.
Boon or Bane?
While the real estate sector sees the potential for substantial profits, environmentalists view the situation as a potential disaster with significant consequences both for the environment and for the communities who will call this area home. The increasing demand for housing has fueled the construction of large skyscrapers, raising further concerns about the long-term sustainability of the region's resources. The responsibility to prioritize environmental protection rests squarely on the shoulders of every builder, otherwise a project can only be considered a potential disaster for the region.