New Delhi: The Greater Noida Authority CEO Rama Raman has assured that the home buyers' interest will be protected, but he admitted that land meant for industry was swapped for residential development.
In an exclusive interview to CNN-IBN Raman said, "Buyers interest is our first priority. Builders will have to return the money to the alloties if their project doesn't come up due to court's order or they are not able to construct their residential houses."
Clarifying that land has been acquired not for a specific purpose but for overall land industrial development, he said that the concept of planned industrial development includes development of township and therefore, with developing residences, developing industries, roads, commercial complexes, corporate offices is important.
He also said that he never expected that the court would give different verdicts for different cases depending on the nature of the case.