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The much awaited verdict of the Allahabad High Court has brought smiles on thousands of home buyers, who had lost hope following land acquisition controversies in Gautam Buddh district. The judgement has safeguarded their interests as they will not have to incur any loss on their investments.
“This is great news. All gifts will fade before such a marvellous occasion. Ghee Ke Chirag Jalayenge. All, including farmers, will celebrate this Diwali more merrily. Five friends of mine had also invested in the Guar City project in Noida Extension,” said Prabhat Kumar, a media professional.
Noida Extension Flat Buyers Welfare Association head RP Tyagi said, “We are satisfied with the verdict, as the buyers will not have to pay extra for the property they have invested in.”
Now, the work on the pending projects will start in 15-20 days. Builders and developers too have expressed their happiness over ‘protection’ of investment but are a little apprehensive that prospective home buyers may have to cough up more since the compensation have been increased.
However, Gaur Sons India Limited managing director Manoj Gaur said, “The existing buyers will get possession as promised with no extra charges.” He added that the extent of hike for prospective home buyers may be in the range of 25-30 per cent.
Builders and the Noida Authority would sort out how to pay extra compensation to farmers. Farmers will get `1.5 crore per acre as against about 90 lakh per acre earlier. It would take another two months to start construction on projects as the HC has directed that approval needs to be taken from the NCR planning board.
Noida Authority CEO Balwinder Kumar said, “The verdict is favourable for all three parties. Investors, buyers and farmers will gain from it in the long run.” On the court decision that builders have to stop all construction in the disputed area till Master Plan 2021 is ready, Kumar said that it was unclear whether it would affect Noida or Greater Noida.
Following the judgement, the Confederation of Real Estate Developers’ Association (CREDAI) NCR president Pankaj Bajaj said, “It’s a balanced judgement. Investors and buyers will be benefitted. Whereas, new buyers and investors will have to pay extra.”
The decision will allow projects to come up in Noida Extension again and it will not have any major impact as home buyers of Shaberi village, as they already have been shifted to other projects. NAREDCO Director General RR Singh said, "The policy of the High Court to follow the policy of prevention rather than cure to quash the land acquisition in Yusufpur, Chak Shahberi, Asdullapur and Devla will serve to avoid future litigations that may arise on these lands due to lower compensation paid to the farmers." He also said that the decision to hike compensation in 61 villages by 64 per cent will increase the cost of land and developers will recover this extra cost from new home buyers.
“This is great news. All gifts will fade before such a marvellous occasion. Ghee Ke Chirag Jalayenge. All, including farmers, will celebrate this Diwali more merrily. Five friends of mine had also invested in the Guar City project in Noida Extension,” said Prabhat Kumar, a media professional.
Noida Extension Flat Buyers Welfare Association head RP Tyagi said, “We are satisfied with the verdict, as the buyers will not have to pay extra for the property they have invested in.”
Now, the work on the pending projects will start in 15-20 days. Builders and developers too have expressed their happiness over ‘protection’ of investment but are a little apprehensive that prospective home buyers may have to cough up more since the compensation have been increased.
However, Gaur Sons India Limited managing director Manoj Gaur said, “The existing buyers will get possession as promised with no extra charges.” He added that the extent of hike for prospective home buyers may be in the range of 25-30 per cent.
Builders and the Noida Authority would sort out how to pay extra compensation to farmers. Farmers will get `1.5 crore per acre as against about 90 lakh per acre earlier. It would take another two months to start construction on projects as the HC has directed that approval needs to be taken from the NCR planning board.
Noida Authority CEO Balwinder Kumar said, “The verdict is favourable for all three parties. Investors, buyers and farmers will gain from it in the long run.” On the court decision that builders have to stop all construction in the disputed area till Master Plan 2021 is ready, Kumar said that it was unclear whether it would affect Noida or Greater Noida.
Following the judgement, the Confederation of Real Estate Developers’ Association (CREDAI) NCR president Pankaj Bajaj said, “It’s a balanced judgement. Investors and buyers will be benefitted. Whereas, new buyers and investors will have to pay extra.”
The decision will allow projects to come up in Noida Extension again and it will not have any major impact as home buyers of Shaberi village, as they already have been shifted to other projects. NAREDCO Director General RR Singh said, "The policy of the High Court to follow the policy of prevention rather than cure to quash the land acquisition in Yusufpur, Chak Shahberi, Asdullapur and Devla will serve to avoid future litigations that may arise on these lands due to lower compensation paid to the farmers." He also said that the decision to hike compensation in 61 villages by 64 per cent will increase the cost of land and developers will recover this extra cost from new home buyers.
