Published on: May 17, 2015 @ 07:46
Noida home buyers got a relief after the SC’s verdict on Thursday dismissed petitions by farmers from 65 villages. They had challenged the Allahabad High Court’s October 21 , 2011 judgment regarding UP government’s decision to acquire land for construction residential buildings by private builders.
A bench of three Supreme Court’s judges led by Chief Justice H L Dattu and Justice A K Sikri and Arun Mishra dismissed all the petitions filed by the farmers from Greater Noida , Noida and Noida Extension, setting the land acquisition free from all litigation.
The Supreme court upheld High Court’s verdict in Greater Noida , Noida and Noida Extension land acquisition case and cleared the shadow of uncertainty looming large on the home buyers who have booked flats in these areas.
The Allahabad High Court’s verdict of October 21, 2011 had enhanced compensation for the grieved villagers and had also quashed the notification for acquisition of land of Noida, Greater Noida and Noida Extension’s villages. In its judgment , the High Court had ordered that the affected villagers would be entitled to payment of additional compensation up to 64.7 per cent of the compensation paid earlier and they would also be entitled to allotment of developed plot to the extent of 10 per cent of their acquired land.
The SC had started the hearing of the case from February this year. About 100 fresh writ petitions combining together all appeals by the affected villagers of Noida, Greater Noida and Noida Extension were filed for reversal of land acquisition by the UP government. But, the apex court had asked the petitioners as to how they could seek restoration of their land after they accepted compensation for parting with it and also quashed plea by GNIDA on non availability of developed land.
After this verdict of Supreme court , the Noida and Greater Noida authority will have an additional financial burden of Rs. 10,000 crores in the form of enhanced compensation to the affected villagers. But, this verdict of the apex court has also brought a huge relief to those Noida home buyers who have booked flats in the projects located in these areas and caught up in uncertainty as a result of all these litigation. Nearly 1.5 lakh people have already booked flats in the projects of these areas. However, a share of the additional compensation to the grieved villagers will have to be borne by them also.
The land acquisition disputes had affected nearly 2 lakh home buyers in Greater Noida and another 1 lakh in Noida and nearly 100 real estate projects of around 75 builders of these areas. This judgment of apex court also brings with it a great relief for builders with housing projects in Greater Noida, Noida and Noida Extension. This is a welcome judgment by the apex court and a victory for all sides.
Ajay Verma is a founder and writer of The Housing World, a real estate and mortgage news website. He brings with him 20+ years of rich experience in the real estate and mortgage industries. He has worked in senior roles in Delhi and NCR in the above-mentioned sectors.