Okhla Bird Sanctuary Decision: Relief At Last for Noida Home Buyers

The Union Environment Ministry has decided that the ecologically sensitive zone (ESZ) around the Okhla Bird Sanctuary should be up to 100 mt, from the Eastern, Western and Southern boundary of the sanctuary, and 1.27 km from its Northern boundary. The National Green Tribunal (NGT) had earlier passed an order, barring infrastructure development within a 10-km radius of the sanctuary. It is estimated that more than 60,000 home buyers will benefit from this policy move. A look at how the ministry move will give boost to realtors and home buyers here:

• Many residential developments around the Okhla Bird Sanctuary would now be exempted from complying with environmental norms on construction around ecologically sensitive zones. This would be a huge relief to home buyers.

• Owning property in ecologically sensitive zones would make you vulnerable to litigation. As this is true, few would be willing to buy property around the bird sanctuary. As the Government has lowered the area of the ecologically sensitive zone, more people will be able to own property.

• Nearly 60,000 home buyers are at present unable to occupy their ready-to-move-in apartments in the Okhla Bird Sanctuary's vicinity. They will soon be granted the permission to get occupancy certificates. Many of them were waiting for over a year.

• As infrastructure development around the sanctuary would now be permitted, this would raise real estate prices in Noida and Greater Noida. When infrastructure development happens, people are more likely to buy homes in this area because of greater amenities and connectivity to urban areas. Many shopping avenues like the Mall of India will be opening soon, once they receive permission from the environment ministry.

• When there is uncertainty in norms, home buyers and real estate developers would be hesitant to undertake construction or enter transactions. This would change.

• Even though environmental regulations might make sense in certain areas, when they are imposed on such a large scale it is harmful to the interests of home buyers, real estate developers and commercial enterprises. Apart from raising home prices, this would also stifle economic growth and development, lowering wages. With this decision, thousands of square meters of land will be unlocked, giving a major relief to all stakeholders.

Read our earlier posts on Eco-Sensitive Zones:
Know This Fact Before Investing In Property In Noida
Okhla Sanctuary Controversy: Relief Ahead For Noida Homebuyers?
Know About Eco-Sensitive Zones Before Buying Property