Nearly four lakh residents and business owners of Noida and Greater Noida will have to cough up more money for their properties to the local authority. The reason: The Noida authority has decided to pass on to them the burden of an additional Rs. 1,800 crore compensation to the farmers of 39 villages.
And this burden will be passed on to all property holders — both old and new. The amount is yet to be decided.
“A buyer will have to pay between Rs. 70 and Rs. 100 per square metre in Greater Noida. The rates for Noida are yet to be finalised. A flat owner of 1000 square feet area in Greater Noida will have to pay Rs. 50,000-60,000 more on possession,” said a Greater Noida official.
The Allahabad high court had directed the authority to pay enhanced compensation to the farmers. The payment of Rs. 1,800 crore to the farmers pushed up the compensation amount by 64%.
The authority’s land department is expected to prepare a proposal on this issue in a few days, said a source.
“We will look at this proposal in our upcoming board meeting to be held on August 12. If it is approved, then we will have to charge more from the allottees even for properties, which were allotted long time back. We had put some conditions in lease deeds or allotment procedures about future charges. Additional charge would be levied on those bound by conditions laid out in the allotment rule book,” said Vijay Kumar Yadav, deputy chief executive officer (DCEO), Noida authority.
Additional charges will be levied on industrial and institutional land, forcing educational and industrial institutions to cough up more.
“We will protest against this move because we had paid as per the existing market rates then. We are likely to file a petition in the Allahabad high court, challenging this move if the authority does not drop this proposal,” said Vipin Malhan, president of Noida Entrepreneurs’ Association.
“The authorities should not charge additional money from developers, who had delivered their group housing societies way back in 2000. After the Greater Noida authority letter, we had demanded additional charge from buyers, who had refused to pay,” said Gitambar Anand, CMD of ATS Builders and president elect of Confederation of Real Estate Developers Association of India (CREDAI).