Homebuyers, who are already suffering because of delay in completion of group housing projects, have another reason to worry. Those who have properties (flat, shop or plots) in sectors 45, 72, 73, 74, 75, 76, 77, 78, 79, 128, 129, 134, 150 152 and some other areas may have to pay additional money for the payment of hiked compensation to farmers whose land has been acquired for the projects.
As per an estimate by authority officials, a flat owner will have to pay an extra amount ranging between Rs. 60,000 and Rs. 1 lakh, depending upon the size of the property. The authority is yet to calculate the amount that it has to recover from each builder.
“We will finalise, in a week, how much money the authority will recover from each builder. Once our calculations are done, we will start issuing recovery notices,” said Manmohan Mishra, financial controller of the Noida authority.
The authority has distributed Rs. 1,800 crore to farmers as 64% hiked land compensation following the Allahabad high court order and so it needs to recover the amount from the realtors. The realtors plan to pass on the burden to the homebuyers.
“As per the provisions of the lease deed, the Noida authority is entitled to recover hiked compensation from builders. Now, it is up to the builders if they pass on the burden to buyers or pay from their own pockets. It will depend on the agreements between the builders and the buyers,” said SC Gaur, chief architect and town planner of the Noida authority.
The authority decided to recover Rs. 1,800 crore from realtors and other allottees on February 23, 2014. The decision was taken following the Allahabad high court’s order that 64% additional compensation should be paid to the farmers whose land was acquired between 2002 and 2009.
The authority has made a list of the builders who were allotted land after 2002 and before 2009 in 35 Noida villages. These villages are Sorkha, Sadarpur, Mamura, Sarafbad, Gulawali, Jhhatta, Sadarpur, Bangarpur, Tilwada, Parthla Khanjarpur and Shahdra, among others.
All sectors, which are developed on land of these villages, will have to cough up extra money.
Buyers, meanwhile, said it is unfair to ask them to bear the additional burden of the compensation.
“This is unjustified. Why should we pay extra for a property that was purchased five years ago for a certain price? I bought a flat after the builder agreed on that price. And now, I will be forced to pay extra despite the fact that the builder failed to deliver the flat in 2012 (as per the promise). We will protest against it,” said Sukumar Das, a retired government official, who owns a flat in Sector 70 group housing.
But the builders said there is no option but to pass the burden on the buyers.
“The lease deed states a builder can recover this 64% hiked compensation from buyers. We will start recovering from buyers once the Noida authority issues notices to builders,” said Gitambar Anand, president of the confederation of real estate developers association of India (Credai).
Around 40 developing sectors will be affected because of the hiked compensation.