The woes of buyers of flats in Amore Apartments in Noida are still continuing for the past eight years. They invested their life-time savings and booked flats in the project. They made rounds to the office of the realtors but in vain. They have no alternative except resorting to show of strength by launching demonstrations against the unscrupulous realtors.
The Wave Group launched Wave Mega City Centre project in 2011-12 in Noida in sectors 28 A and 32. It has plans to build a total of 780 flats. Several have booked 480 flats. But the project has been delayed inordinately, leading to buyers not getting possession of flats even eight years after booking a flat. In this backdrop, during last year March Wave Mega City Centre Private Limited filed an insolvency petition before the Company Law Tribunal, which was opposed tooth and nail by the buyers. They hit streets to lodge their protest against the Wave Group.
Several would say that they have booked flats paying more than Rs 1 crore, but possession of flats was not given even after 10 years. They express their inability to pay EMI as well as house rent simultaneously as it has become burdensome to them. When the Wave Group representative was approached for his clarification on the issue, the representative refused to speak anything about it as the matter is sub judice before the National Company Law Tribunal.
However, he said that the project became stalled on account of the unusual demand put forth by the Noida Development Authority. The Wave Group has no other alternative as the project was sealed by the Noida Development Authority. In this backdrop, to protect the interests of buyers, it approached the Company Law Tribunal.
As the Wave Group has failed to clear dues to the tune of Rs 2700 crore, the Noida Develop Authority took possession of 4.5 million square foot of land in 2017. Later, it cancelled the land allotment to the tune of one million sft to the company in February last year, to the detriment of the flat buyers.
In this backdrop, those who buy flats or houses in Telangana should act with tact. Otherwise, the realty sector in Hyderabad is likely to go Noida way leading to flat buyers would have to wait endlessly for years altogether to take possession of the flats or houses for their fault of booking flats in a wrong project.
