'Hike relief' call for Noida land unrealistic
Farmers in Noida say hike in land compensation has not been proportionate to hike in market land rates.india Updated: Jul 29, 2011 01:01 IST
Farmers in Noida say hike in land compensation has not been proportionate to hike in market land rates. But they did not take into consideration huge development work done by the authority which resulted in high land prices, say experts. Farmers argue that the present land compensation rate is Rs 1,000 per sqm, but the market rate ranges between Rs 17,000 and Rs 60,000 per sqm.
The authority's land rate, which was Rs 120 per sqm in 1976, has touched Rs 17,000 per sqm today. In 1976, people were hesitant to buy land in Noida, but today investors are ready to pay five times the price fixed by the authority to buy a piece of land as appreciation has been over 100% every year in the last few years."Factors which contributed to a sharp hike in land prices included the construction of DND Flyway, Noida-Greater Noida Expressway, Metro Rail, flyover projects and IT companies. North India's first government approved private software technology park -- Logix Park -- was set up in Noida. Later more such parks were set up by the company," said UK Bhardwaj, representative of Noida Builders' Association.
“Noida is fast developing. Farmers should be given adequate compensation. Development expenses of the city are included while deciding the rate of compensation,” said NP Singh, president, Federation of Noida Residents' Welfare Association.