The Allahabad High Court has ordered the Greater Noida Authority to fork out a higher compensation to agitating farmers in a majority of the villages that had challenged land acquisition by State Government.
Home buyers said,''They are relieved that land acquisition in these 60-odd villages, have not been cancelled. They are hopeful that the order will end the impasse over housing projects that were to come up on these land parcels in Gautam Buddh Nagar district.
The Allahabad High Court has quashed acquisition of land in 3 villages namely Asdullapur, Yusufpur Chak Sahberi & Devla.
Real estate developers claim that cancelling the land acquisition in the 3 villages will not have any material impact on flat buyers as there were no projects coming up on that particular plot of land.
As for other villages where Allahabad High Court has ordered up to 64% higher compensation to farmers – the home buyers are confident that the decision will pave the way for projects to get back on track.
This section of Greater Noida was until a some months ago, a bustling hub of affordable housing projects with about 70 developers including Amrapali Group, Supertech, Mahagun & Gaursons lining up housing projects. Builders were planning 2.5 lakh flats in the area over the next few years. The base selling price here was as low as Rs 1,900 per sq.ft, making the location really attractive for residential buyers.
According to Mr Rahul Sharma, Treasurer, Noida Extension Flat Buyers Welfare Association, “It is a balanced judgement. We are relieved that land acquisition has not been quashed (except in three villages). While the farmers were set to get a higher compensation, buyers' fears that their projects would not materialise have been put to rest.
Mr Anil Sharma, CMD, Amrapali Group said, " The verdict was “balanced, acceptable and in everyone's interest”. “The projects may get delayed by three months, but buyers are supporting developers on the issue"
In last July (2011), the Allahabad High Court had quashed acquisition of about 600 hectares in Greater Noida, affecting about 20,000 flat buyers and 11 projects. After the judgment, farmers of many villages in the area went to the High Court challenging the land acquisition by the State Government.
Src: BL
Home buyers said,''They are relieved that land acquisition in these 60-odd villages, have not been cancelled. They are hopeful that the order will end the impasse over housing projects that were to come up on these land parcels in Gautam Buddh Nagar district.
The Allahabad High Court has quashed acquisition of land in 3 villages namely Asdullapur, Yusufpur Chak Sahberi & Devla.
Real estate developers claim that cancelling the land acquisition in the 3 villages will not have any material impact on flat buyers as there were no projects coming up on that particular plot of land.
As for other villages where Allahabad High Court has ordered up to 64% higher compensation to farmers – the home buyers are confident that the decision will pave the way for projects to get back on track.
This section of Greater Noida was until a some months ago, a bustling hub of affordable housing projects with about 70 developers including Amrapali Group, Supertech, Mahagun & Gaursons lining up housing projects. Builders were planning 2.5 lakh flats in the area over the next few years. The base selling price here was as low as Rs 1,900 per sq.ft, making the location really attractive for residential buyers.
According to Mr Rahul Sharma, Treasurer, Noida Extension Flat Buyers Welfare Association, “It is a balanced judgement. We are relieved that land acquisition has not been quashed (except in three villages). While the farmers were set to get a higher compensation, buyers' fears that their projects would not materialise have been put to rest.
Mr Anil Sharma, CMD, Amrapali Group said, " The verdict was “balanced, acceptable and in everyone's interest”. “The projects may get delayed by three months, but buyers are supporting developers on the issue"
In last July (2011), the Allahabad High Court had quashed acquisition of about 600 hectares in Greater Noida, affecting about 20,000 flat buyers and 11 projects. After the judgment, farmers of many villages in the area went to the High Court challenging the land acquisition by the State Government.
Src: BL
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