Noida Home Buyers Get A Relief After The SC’s Verdict

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.

 

Next Post

Home Loan Rates Drops Down to Single Digit

Sun May 17 , 2015
Published on: May 17, 2015 @ 13:33  For  the  first  time, after  a  gap  of  more  than  four  years, the  home  loan  rates  have  dropped  down  to  single digits. All  top  lending  banks  have  brought  down  their  home  loan  interest  rates  and  it  appears  to  have  settled  around  the  9.90  per […]
Home Loan Rates