http://www.ndtv.com/article/india/a-fraud-by-mayawati-government-say-angry-investors-120612
A fraud by Mayawati government, say angry investors
NDTV Correspondent, Updated: July 20, 2011 08:33 IST
Noida: First it was the farmer. Now it is the investor. With courts
taking up the cudgels for the poor, the investor now finds himself on
a sticky wicket. On Tuesday, in another major setback for the Uttar
Pradesh government, the Allahabad High Court scrapped the UP
government's decision to acquire 589 hectares of land in the Patwari
village in Noida Extension. (Read: 25,000 flats won't be built in
Noida Extension)
This has got the investors raging as it puts a big question mark on
their dream homes. Investors are now tense and worried if they will
get a complete refund from builders.
Dhananjay Kumar Singh, an advocate, purchased a Rs. 21 lakh flat on a
loan of Rs. 16 lakh.
"I'm stunned by this judgement. The entire responsibility for the
fiasco is with the state of UP along with the Greater Noida Industrial
Development Authority. I am asking for the refund and I will be
interested in getting the refund along with the interest," said
Dhananjay Kumar Singh, flat investor.
For software engineers Amit Mishra and Amit Singh this was their first
investment to purchase a dream house.
With Greater Noida's proximity to Delhi and the low prices, this they
believed was the perfect decision.
"We are losing out on money; we are losing out on hope. We are tense
as we don't know we will get a flat or not now. We have a humble
request to Supreme Court and High Court: they should think about
buyers too. We are not rich. We have put in our hard-earned money,"
said Amit Mishra, flat investor.
It remains to be seen what really happens. The matter will surely go
to Supreme Court, and in a matter of weeks the investors will know if
they can heave a sigh a relief or will their life long earnings simply
disappear before their eyes.
Read more at: http://www.ndtv.com/article/india/a-fraud-by-mayawati-government-say-angry-investors-120612&cp
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