Noida projects get 3-month breather | india | Hindustan Times
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Noida projects get 3-month breather

india Updated: Jul 31, 2011 01:33 IST
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The farmers of 54 Noida villages have given an undertaking to the Noida Authority that construction at several disputed private housing projects will not be blocked for the next three months. However, this will not have any effect on projects in Noida Extension, where the dispute is in court.


This comes as a breather to investors and builders involved with the more-than 3.20 lakh homes coming up in two locations along the Noida-Greater Noida Expressway and in areas surrounding sector 74.


More than 60,000 units have already been sold and total investment in these projects is pegged at more than Rs 1 lakh crore. Most of the builders have already constructed seven to eight floors. http://www.hindustantimes.com/Images/HTEditImages/Images/31_07_pg1a.jpg

The breakthrough came after a meeting between Noida Authority officials and Kisan Sangharsh Samiti, an umbrella body of farmers and land owners, on Saturday.

"The authorities agreed to regularise abadi land (where farmers have established settlements) as it exists today in villages. They also promised to give developed plots to 15 villages by August 30," said samiti spokesperson Mahesh Awana.

"For the remaining villages, the authorities sought three months time. The matter of increasing compensation for land, however, remains unresolved," said Veer Singh Yadav, a representative of the samiti.

Farmers in this part of Noida had on July 21 threatened to stop all construction if their demands were not met by July 31.

"We have reached an agreement with the farmers. They will not stop work and development activity will continue without hindrance. A formal letter will be sent to them on Monday," said Balwinder Kumar, chairman and CEO, Noida Authority.

"I am glad an agreement has been reached. I hope it is not a temporary breather, though," said Vineet Mehta, who has booked a flat in 3C, a housing project along the Expressway.

Though the builders said they would not be able to add more than a floor in the next three months, they were pleased that work would not be obstructed.

"In three months, a builder can carry out 5% more construction. But in a larger perspective, at least the farmers and the authority have reached some agreement and our work will not be disrupted for some time," said Anil Sharma of Amrapali Group, who is also vice-president of real estate body Credai NCR.

The meeting was held at the initiative of Gautam Buddha Nagar MP Surinder Singh Nagar. State minister Jaiveer Singh was also part of the discussions.