Lakhs of flats owners can now take a sigh of relief as the Supreme Court has upheld the land acquisition that was done by the Greater Noida Authority during 2006 and 2009 in the Greater Noida West area, better known as Noida Extension. The news brings relief to numerous home buyers, but jolts farmers, who were hoping that the court will either give their land back or will rule in favor of a higher compensation.
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Greater Noida home buyers cheers as Supreme Court up
Noida Extension - An overviewNoida Extension, an upcoming suburb around the national capital region (NCR), was one of the most promising affordable housing destinations across India. With Gurgaon and main Noida area in NCR going out of budget for most middle income professionals, Noida Extension offered an opportunity for home buyers with budget in 20-30 lacs bracket. With the additional back up of superior infrastructure like highways, hospitals and educational institutions in the neighboring Noida area, the property prices in Noida extension were anticipated to escalate since its conceptualization. The fate of this concept was threatened when the farmers near Greater Noida decided to move to the court, challenging acquisition of their land for developing Noida Extension. This issue was aggressively debated among various stockholders, including home buyers, builders, farmers, noida authority and the legal system, each blaming the other for the problem.
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last update - 07-12-2016