As the May R&M issue was almost locked, news broke about the Supreme Court order that is likely to clear the shadow of uncertainty over more than 100 private housing projects in Greater Noida and Noida Extension. By ruling that no land acquisition proceedings will be quashed any further, the apex court not only brought relief to thousands of home buyers, it also spread cheer among the developers operating in the area. Of course, it also dealt a blow to farmers who were hoping to get their land back.
The Supreme Court on May 14 upheld land acquisition by the Greater Noida Authority between 2006 and 2009 in the Greater Noida West area, also known as Noida Extension, dismissing all petitions filed by farmers, saying that no land will be returned. In the process, the court upheld an earlier order by the Allahabad High Court, which had said that land will not be given back to farmers but had asked the two Authorities to raise the compensation by 64.7 per cent to Rs 1 ,400 per sq yard and give 10 per cent of the developed land to farmers.
Granting a virtual go-ahead to builders to carry out construction without worrying about the fate of the land acquired, a Bench headed by Chief Justice HL Dattu said the conditions set by the Allahabad High Court while upholding the acquisition hold good and there will be no further stipulations.
Reacting promptly to the apex court verdict, Deepak Kapoor, President of Credai Western Up, said with this fears of many buyer/investors have been laid to rest. “The land acquisition issue which was haunting the Greater Noida West is now finally settled,” Kapoor told Realty & More. He added that “buyers and the developers operating in Greater Noida West can now work towards their dreams of developing the projects and handing it over to the buyers.” Supertech Chairman RK Arora, “There was a cloud of uncertainty looming over the real estate sector for the last couple of years due to multiple litigations over land acquisition in Greater Noida pending in various courts, all of which has reached finality with this order.”
He added, “This is a very positive development capable of restoring confidence of investors and a favorable sentiment in real estate sector.” Gaursons India MD Manoj Gaur found the order as being “in favour of everyone, including buyers, investors, developers and farmers.” He said, “The court has kept intact the order for increased compensation and the promise of developed area as it is. With this order the doubts in
the minds of buyers/investors have come to an end. Now the area can witness fast paced development and soon we will see the shape of area that is promised to be haven for affordable housing”. Agreeing with him, Anil Kumar Sharma, CMD of Amrapali Group, said, “The decision has
taken care of all stakeholders such as farmers, middle-class homebuyers and the financial institutions.”
Danube Properties’ Dh525 million Opalz sold out on the first day of launch
October 4, 2022: Danube Properties, the UAE-based affordable housing developer, said, its latest project Opalz, a twin-tower residential project with...
Pacific Mall D21’s ‘Dussehra Celebrations’ drops the curtain with high attendance
New Delhi: Pacific Mall D21 organised a two-day Dussehra celebration and Garba Night, attracting massive turnouts. The special arrangement of...
Tata Value Homes sells over 100 residential units at New Haven, Bahadurgarh at launch
Delhi/Haryana October 4, 2022: With an aim to address the growing demand for quality homes in Haryana – Bahadurgarh, Tata...
Welspun Corp opens steel plant in Anjar
October 3, 2022, Anjar, Gujarat: Welspun Metallics Limited, a subsidiary of Welspun Corp Limited (WCL), the flagship company of the Welspun...
Over 1500 cyclists join Hiranandani Thane Cyclothon 2022 to support ‘Rhyme for Earth’ initiative
October 2, Thane: The Hiranandani Group hosted the first Hiranandani Thane Cyclothon today from its thriving Thane township, Hiranandani Estate. Over...
Ashiana Housing adds over 900 senior living units with Villas and Apartments with the launch of Ashiana Advik in Bhiwadi
New Delhi, October 3, 2022: New Delhi-based real estate developer Ashiana Housing has announced the launch of Ashiana Advik in Sector 39, Bhiwadi....
Developers Speak3 weeks ago
Festive season to spurt bookings: Experts
Developers Speak3 weeks ago
Chandni Chowk at the Centrepiece in tune with the wave of Commercialisation
Report4 weeks ago
Private equity inflow in PropTech firms up 5% to $270 mn in H1 2022: Housing.com
News4 weeks ago
BHIVE receives Rs 240 cr commitments for its ₹ 400 cr Real Estate Fund
New Launches4 weeks ago
Makemyhouse.com expands in India, introduces partner program in 60 cities
Developers Speak4 weeks ago
With Flight Testing in MOPA Airport, spotlight turns to North Goa
Report3 weeks ago
Shop-cum-Office segment grows 30-40% in the past 12 months: 360 Realtors’ study
Report3 weeks ago
Coworking share in office real estate up at 20% in H1 2022 from 6% in 2021: Report