Supreme Court assists Greater Noida homebuyers in project revival

The Supreme Court has ordered the Greater Noida Industrial Development Authority to help homebuyers restart an abandoned housing project. This project was stopped because a cooperative housing society failed to pay its dues, despite collecting money from the buyers. The court told the Authority to reveal the financial demands it would have made if the original builder had finished the project. This information will help decide how much each homebuyer needs to pay based on the size of their apartments. Justices Vikram Nath and Sandeep Mehta criticized the Authority for not cooperating in resuming the stalled project. Homebuyers have faced a long-standing dispute regarding the housing project. The Golf Course Sahakari Awas Samiti Ltd was given land in 2004, but later buyers accused the society of colluding with banks to deceive them by halting payments. Many buyers took out loans to buy their flats. Initially, homebuyers approached the Allahabad High Court in 2011 to contest the Authority's decision to end the lease. An FIR was filed against the society's directors, and in 2016, the High Court upheld the lease cancellation due to unpaid dues. Unhappy with this decision, the homebuyers escalated their case to the Supreme Court. Additionally, the Supreme Court has instructed the Central Bureau of Investigation to investigate the alleged connections between builders and banks that have hurt many homebuyers in the National Capital Region. The court noted that many buyers were affected by schemes where banks gave large loans directly to builders, who then failed to complete the projects on time. This led to homebuyers having to pay for homes they never received. The Supreme Court’s actions aim to provide relief to these buyers and hold banks accountable for their role in this issue.