SC order spells relief for Greater Noida flat buyers

In a major relief to flat buyers in Greater Noida (west), formerly known as Noida Extension, the Supreme Court has quashed the plea of thousands of farmers, while upholding land acquisitions in the area by the Noida Authority between 2006 and 2009.

The court’s decision does not only come as a breather for nearly two lakh homebuyers, but will also give a boost to the area’s realty sector that has suffered a setback. The order will create an impact on 65 villages in Noida and Greater Noida. However, the court’s ruling has put farmers on the back foot and they have announced to appeal before a larger Bench.

“We welcome the Apex Court’s decision, which has turned down farmers’ plea. The order will provide a huge relief to buyers, who have invested their hard-earned money in more than 150 projects in the area. The buyers faced hardships as the crisis continued for more than six years and now the farmers should stop politicising the issue. They must not victimise the buyers, who mainly come from <g data-gr-id="46">lower middle-class</g> and middle-class categories. They must settle their scores with the authority to end the crisis,” said <g data-gr-id="47">Indrish</g> Gupta, co-founder of the Noida Extension Flat Owners’ Welfare Association (NEFOWA).

The Supreme Court, on Thursday, upheld the Allahabad High Court’s judgement. In 2011, the high court had ruled that land acquisitions in the area would not be quashed. “Around 64 per cent of enhanced compensation, i.e. from Rs 850 to Rs 1,400 per <g data-gr-id="38">sq</g> yard and 10 per cent of developed land will be given to farmers,” said an SC lawyer, recalling the high court’s ruling.

Reacting on the development, office-bearers of the Confederation of Real Estate Developers’ Associations of India (CREDAI)-NCR said: “We thank the Apex Court for safeguarding the interests of homebuyers, who have invested hundreds of crores (of rupees) in real estate projects. This order will enable unlocking value for all stakeholders and help customers, developers and financial institutions redeem their capital that had been in <g data-gr-id="49">deadlock,</g> after objections were raised. In the recent past, the region’s development had witnessed a setback due to various regulatory challenges. This order will reinstate our stance of being a law-abiding industry with an intent to actively participate in nation-building,” said an office-bearer.

The farmers, however, said that they were not satisfied with the judgement and would move to a larger Bench to review the order. “The court’s decision is a setback for nearly 10,000 farmers, whose lands were acquired on minimum rates by the authority under urgency and other clauses. The same plots were sold to builders, who have been minting hundreds of crores (rupees). It is unfortunate that the interests of the farmers (actual owners) are being ignored to provide huge benefit to real estate developers,” said Ranbir Pradhan, a co-petitioner in the case.