The Investors and the buyers are in panic after the decision of Supreme Court came up, of upheld the Allahabad High Court judgement. They are under huge shock as the judgment had rejected the possession of over 156 hectors of land for developing a township in Greater Noida or can say Noida Extension. Supreme Court’s judgment jointly comprising of Justice G.S. Singhvi and Justice A.K. Ganguly has given a set back to Mayawati’s government and the builders.
About 6,000 buyers have been affected by the judgment of the reverse of the projects and the developers will take steps to compensate the buyers by shifting them to other projects or by refunding them the money. However, buyers are in a complete state of panic as developers are very sure of themselves as they say their projects are safe. For instance, Mr. Pandey booked a house in November 2010, in Mahagun Mywoods project. The developers are sure their project is very much safe but the buyer wants his money back but the developer says if they cancel the booking, 10% of the booking amount will be levied as cancelation penalty. This would be approximately INR 2 Lakhs. Other buyers too have similar opinions.