The administration is contemplating asking customers who bought property from the Greater Noida Authority after the year 2003 to pay 10- 15% more. This will be affect a few thousands of home buyers in Greater Noida. A final decision on the matter will be taken at a board meeting on November 18, 2011.
According to Greater Noida Authority, ''The move has become inevitable after the Allahabad High Court's directions, to give farmers a 64% increase in compensation & 10% of developed plots of land instead of 5% as was the norm earlier. Additionally, the Allahabad High court had directed that if there was shortage of plot of land to hand over the developed plots, then the farmers should be given more compensation."
If it cleared, this will be the first indication that a share of the cost will have to be borne by existing buyers as well.
Greater Noida Authority is still making an effort to minimise the cost for existing buyers. The new buyers will have to face an increase in prices. But, looking at the situation, it considering all options. A final decision will only be taken after discussions with parties concerned on November 18, 2011
According to Greater Noida Authority, ''The move has become inevitable after the Allahabad High Court's directions, to give farmers a 64% increase in compensation & 10% of developed plots of land instead of 5% as was the norm earlier. Additionally, the Allahabad High court had directed that if there was shortage of plot of land to hand over the developed plots, then the farmers should be given more compensation."
If it cleared, this will be the first indication that a share of the cost will have to be borne by existing buyers as well.
Greater Noida Authority is still making an effort to minimise the cost for existing buyers. The new buyers will have to face an increase in prices. But, looking at the situation, it considering all options. A final decision will only be taken after discussions with parties concerned on November 18, 2011
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