In a major respite to around 1.5 lakh home buyers, the Supreme Court on Thursday upheld the land acquisitions made by the UP government between 2006 and 2009 in Noida and Noida Extension.
The order came as a relief for flat owners and builders, and will impact around 65 villages of Noida and Greater Noida. While farmers had moved the apex court asking for their land back, the Greater Noida Authority had challenged the HC’s 2011 order that asked it to give 10% of the developed land to the farmers.
“Around 64% of enhancement of compensation will be given, that is, from R850 to R1,400 per square yard and also 10% of the developed land will be given to farmers. That judgment was challenged by authorities in both Noida and Greater Noida, with 850 petitions filed, while farmers groups filed 350 petitions. All these petitions came off today before the honourable Supreme Court,” counsel Surat Singh said, adding there is no longer any obstruction for construction.
Welcoming the judgment, Manoj Gaur, president, CREDAI NCR, said that “so far hundreds of crores have already been invested for the development of the area. This order will enable unlocking of value for all stakeholders and help customers, developers and financial institutions redeem their capital that had been in deadlock after the objections were raised”.
He further said the order will boost the confidence of investors and buyers and help the region rebound to the growth path. “In the recent past, the development of the region had had a setback due to various regulatory challenges and this order will reinstate our stance of being a law-abiding industry with intent to actively participate in nation-building through active participation,” Gaur added.
The Supreme Court had earlier in February 2014 also upheld another order of the high court that directed the government authorities to pay 64.7% additional compensation to farmers whose land was acquired in Noida and Greater Noida.
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