NH-24 Hi-Tech Cities
Fate Of Twin Hi-Tech Cities On Both Sides of NH-24 In Ghaziabad Uncertain
Those who had bought plots by investing crores of rupees during the pre-launch of Hi-Tech cities on both sides of NH-24 in Ghaziabad, appear destined for a long wait for their plots. The fate of all these projects hangs in the balance.
Builders are not buying land from the farmers. Three years have passed since hundreds of crores of people's money is lying locked with the builders while not a brick has been laid on the sites of the projected twin cities.
Initially builders had bought large chunks of land from farmers in village Bamhota for the twin-integrated cities. The builders sold a large number of plots in pre-launch for developing separate townships. They set up their offices, but of late these offices have also vanished.
One of the builders who had deposited Rs 176 crore with the GDA is understood to have taken his money back.
M/s Uppal Chadha of Hi-Tech Developers Pvt Ltd and Sun City Project Pvt Ltd had licence for developing Hi-Tech cities on 1500 acres land each. MoUs were signed by both the builders with the GDA in December 2005 and on July 20, 2006, conceptual DPR was commenced.
The builders were granted licence for five years and they had to buy 75 per cent land after which only their DPR could be approved.
As per information Uppal Chadha and Sun City have so far bought 272 acre and 102 acre land respectively. But as they showed alacrity in buying land, the Ghaziabad Development Authority has also initiated action to acquire land for these builders.
Both the builders deposited Rs 39 crore and Rs 30 crore respectively as soon as the notification under Section 4 was issued. One of the builders had deposited Rs 176 crore which is 70 per cent of compensation amount as soon as notification under Section 6/7 was issued. But this amount was taken back by the builder on February 16, 2008.
It may be mentioned that people had purchased their own plots during this pre-launch. Despite having no land with them, these builders sold plots like hot cakes at Rs 7,500 per sq mt. Besides, they collected huge black money in booking during the period of property boom.
Incidentally pre-launch was stopped and started by the builders a number of times. According to reliable sources, the property dealers did the bookings of plots at more than Rs 10,000 per sq m rate.
According to GDA vice-president Ram Bahadur and chief town planner S.K. Sharma, there is no chance of the construction being started till the builders get possession of all the land. Some farmers have taken the matter to court but nothing is certain about the much-hyped Hi-Tech cities.
Those who had bought plots by investing crores of rupees during the pre-launch of Hi-Tech cities on both sides of NH-24 in Ghaziabad, appear destined for a long wait for their plots. The fate of all these projects hangs in the balance.
Builders are not buying land from the farmers. Three years have passed since hundreds of crores of people's money is lying locked with the builders while not a brick has been laid on the sites of the projected twin cities.
Initially builders had bought large chunks of land from farmers in village Bamhota for the twin-integrated cities. The builders sold a large number of plots in pre-launch for developing separate townships. They set up their offices, but of late these offices have also vanished.
One of the builders who had deposited Rs 176 crore with the GDA is understood to have taken his money back.
M/s Uppal Chadha of Hi-Tech Developers Pvt Ltd and Sun City Project Pvt Ltd had licence for developing Hi-Tech cities on 1500 acres land each. MoUs were signed by both the builders with the GDA in December 2005 and on July 20, 2006, conceptual DPR was commenced.
The builders were granted licence for five years and they had to buy 75 per cent land after which only their DPR could be approved.
As per information Uppal Chadha and Sun City have so far bought 272 acre and 102 acre land respectively. But as they showed alacrity in buying land, the Ghaziabad Development Authority has also initiated action to acquire land for these builders.
Both the builders deposited Rs 39 crore and Rs 30 crore respectively as soon as the notification under Section 4 was issued. One of the builders had deposited Rs 176 crore which is 70 per cent of compensation amount as soon as notification under Section 6/7 was issued. But this amount was taken back by the builder on February 16, 2008.
It may be mentioned that people had purchased their own plots during this pre-launch. Despite having no land with them, these builders sold plots like hot cakes at Rs 7,500 per sq mt. Besides, they collected huge black money in booking during the period of property boom.
Incidentally pre-launch was stopped and started by the builders a number of times. According to reliable sources, the property dealers did the bookings of plots at more than Rs 10,000 per sq m rate.
According to GDA vice-president Ram Bahadur and chief town planner S.K. Sharma, there is no chance of the construction being started till the builders get possession of all the land. Some farmers have taken the matter to court but nothing is certain about the much-hyped Hi-Tech cities.