A fraud by Mayawati government, say angry investors

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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.




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