The move to reduce the area of the eco-sensitive zone around the Okhla Bird Sanctuary here would boost housing demand and prices in the Noida property market, CREDAI-NCR President Manoj Gaur said.
    
The National Green Tribunal (NGT) had restrained the authorities from issuing completion certificate to projects located within 10-km radius of the Okhla Bird Sanctuary or within the Eco-Sensitive Zone till the time clearance from the National Board for Wildlife (NBWL) is obtained.
    
The Environment Ministry had cleared the process of demarcating eco-sensitive zone around the Okhla Bird Sanctuary on Tuesday.

"It is a very good decision. Over 55,000 home buyers, whose homes were ready but could not occupy it, will now get possession of their flats as development authorities will start issuing completion certificates to affected projects," Gaur said, adding that overall about 1 lakh homes were being constructed in this area.

Housing projects of various developers, including Jaypee Green, DLF, ATS, 3C Developers and Supertech, were affected due to the NGT order.
    
Okhla Bird Sanctuary is at the Okhla barrage over Yamuna River and is situated in Noida Gautam Buddh Nagar district on Delhi-Uttar Pradesh state border.

 

Latest News  from Business News Desk