Builders at Noida extension may have to corner their plans to hike the rates because Noida Extension Flat Owners Welfare Association (NEFOWA) is set to oppose the hike in rate, being proposed by various builders as buyers have already been extra burdened with the bank EMI and huge rent for the last one year.

NEFOWA general secretary Shweta Bharti claimed Rama Raman, CEO (GNIDA), in the meeting with the builders/developers on Monday, instructed them not to effect any price hike for existing buyers and told them to take utmost care of the buyers as they have stood with the authority for the last one and half years patiently.

"In spite of this, a few builders have started giving statement in newspapers regarding price hike for existing buyers with the excuse that the cost of materials and labour have been increased, which is totally unfair", she said adding NEFOWA will oppose the move to hike the rate.

The middle class "NEFOWA will fight against such actions by the builders at each and every level. We cannot accept the price hike for the existing buyers at any cost. We will not agree to any of the excuses made by the builders", she said.

After getting nod from the Supreme Court to resume construction in Greater Noida which was stalled by the various protests almost a year ago, builders have indicated hike in property rates. Source : Financial Expres