A deal between farmers of one village in Noida Extension and the Uttar Pradesh government has opened the door for the rescue of more than one lakh home-buyers.
Court cases over land acquisition has held up several housing and commercial projects in Greater Noida so far.
Villagers of Patwari on Saturday agreed to the out-of-court offer of more money for their land. Builders say that this will not impact those who have already booked their homes, but new buyers will have to pay more.
Greater Noida Industrial Development Authority (GNIDA) chairman Mohinder Singh, accompanied by Patwari village head Reshpal Singh, said, “The rate of compensation has been hiked from R 850 per sq metre to R1,400 per sq metre.”
He said the farmers would withdraw their petitions from court and those whose petitions had been heard would request the court to recall the order. Some villagers are unhappy with the agreement and have called for a mahapanchayat of all the affected villages.
About 20,000 homebuyers had been left in the lurch when the Allahabad high court on July 19 reversed the acquisition of 589 hectares of land in Patwari. On July 6, Supreme Court had done the same with 156 hectares of land in Shahberi village, affecting 6,500 houses, setting off a chain on similar demands by neighbouring villages. The court on July 26 gave the government time till August 12 for a settlement.
Builders, who will share the burden of R550 per sq metre by giving the farmers R290 per sq metre, will make new buyers pay more. Of the 2.25 lakh flats planned, about 1.25 lakh flats are yet to be booked in Noida Extension. Builders will also be allowed to make more flats in the area.
Noida Extension Flat Buyers' Association president RP Tyagi said, “We’re happy. The real relief would come when all villages agree to the deal.”
The higher compensation figure will mean that that a farmer who has sold 20,000 sq metre stands to gain Rs 1 crore more.