Greater Noida home buyers cheers as Supreme Court upholds land acquisition
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. However the court has dismissed all petitions against the land acquisition in the area emphasizing that no land shall be returned.
The court also upheld an earlier order given by the Allahabad High Court, which stated that the land shall not be given back to farmers but had the authorities to increase the compensation by 64.7% to Rs 1,400 per sq yard. The order also asked the authorities to give 10% of the developed land back to farmers. This latest order by the Supreme Court offers major relief to nearly 2 lakh home buyers who have bought property in Noida Extension and other surrounding areas of Noida and Greater Noida. According to estimates there are about 100 projects in the area, spread out across 9000 acres, some of which are in an advanced stage of construction.
Speaking on the development Mr R.K Arora Chairman Supertech said, "Today Hon'ble Supreme Court order upholding the orders of the Hon’ble Allahabad High Court, has given respite to thousands of flat owners and the developers as well. There was a cloud of uncertainty looming over the real estate sector for the last couple of years due to multiple litigation over land acquisition in Greater Noida, pending in various Courts all of which have reached finality with today's order. This is a very positive development capable of restoring confidence of investors and a favorable sentiment in real estate sector and would also bring an end to disputes over land. The order is beneficial to all stake-holders".
According To Mr Deepak Kapoor President CREDAI Western U.P "Judgment given by the honourable Supreme Court has meant that the fears of many buyer/investors has been laid to rest. The land acquisition issue which was haunting the Greater Noida west is now finally settled. Buyers and the developers operating property in Noida Extension can now work towards their dreams of developing the projects and handing it over to the buyers . Doubts have been cleared and we assure the buyers that now we will work with full steam to make sure that our trusted buyers/investors get the worth of their money. Finally, the area will see the growth which was foretold and it is now back on real estate radar after coming clean of the issue".
According to Manoj Gaur, MD, Gaursons India Ltd.: "It is welcome step by the Hon'ble Supreme Court and is in favour of everyone including buyers, investors, developers and farmers. The court has kept intact the order for increased compensation and the promise of developed area as it is. With this order the doubts in the minds of buyers/investors has come to an end. Now the area can witness fast paced development and soon we will see the shape of area that is promised to be haven for affordable housing".