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Home buyers safe here: Noida CEO

delhi Updated: Jul 24, 2011 01:44 IST
Rajkumari Tankha
Rajkumari Tankha
Hindustan Times
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Noida Authority chairman Balvinder Kumar has assured buyers of apartments coming up along the expressway that they will not be affected by the adverse judicial verdicts.

"Till now, the court has not given an adverse comment on any Noida project. So they (the buyers can) rest assured,” Kumar said.

Realty projects in Noida Extension, such as those at Shahberi and Patwari villages, have come to a halt after the Allahabad high court quashed land acquisition in the area through successive decrees. The Noida Extension area is under the Greater Noida Industrial Development Authority.

But Kumar exuded hopes that courts would not step in to stop all projects. “We will present our case before the court.”
Kumar said the development in Noida and Greater Noida (or even Delhi and most other states) had been possible because of the Land Acquisition Act’s urgency clause, which allows the state to acquire land for any public purpose.

“If this was not done, no development would have happened or it would have taken a very, very long time. I think the court would understand all this,” he said.

On the question of farmer compensation, he said it pertained to two issues. First, giving 5% land to farmers to build houses, mandated by law, has not been done. This was for their housing needs, he said. The second issue is compensation for the land. “The compensation given to them is in accordance with government policy. We are trying to make them understand that they have not been cheated,” Kumar said.

When the land was acquired in 2009, the rate was Rs 850 per sq metre in Greater Noida and Rs 1,000 per sq metre in Noida.