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Pay more for your dream home in Noida

noida Updated: Feb 27, 2014 12:55 IST
Vinod Rajput

About 6.5 lakh flat buyers in Noida may have to pay more for their dream homes.

Realtors are expected to levy additional charges on all existing and new homebuyers as the Noida authority plans to recover Rs 1,800 crore it had given to farmers from builders.

The authority had to pay Rs 1,800 crore as hiked land compensation to farmers of 39 villages following an Allahabad high court’s order in October 2011.

“We are working to figure out as to how much amount we should charge from realtors to recover the Rs 1,800 crore distributed among farmers as per the HC order,” said Pramod Kumar Agarwal, additional chief executive officer (ACEO), Noida authority.

Around 1.5 lakh residents who bought flats from private developers will have to bear the additional amount. Besides, buyers of around 5 lakh under-construction flats will have to pay for the hiked land compensation, officials said.

The authority will also recover additional cost of land from 30,000 owners of bungalows and 34,500 flat owners who had been allotted properties through the authority’s schemes.

“We have made it clear to all realtors on our forum —CREDAI — that this additional compensation will be taken and paid to the authority as hiked land compensation fund. We will not levy any sort of builder charges to benefit buyers. The authorities will have to do it because of the HC order. And it is unavoidable,” said Manoj Gaur, president CREDAI (western UP).

The Greater Noida authority has already levied additional burden of Rs 2,014 per sqm on realtors in its area.

“A buyer will have to pay Rs 70-100 per sqm in Greater Noida. Noida rates are yet to be finalised. The owner of a 1000-sqft flat in Greater Noida will have to pay Rs 50-60, 000 more on possession,” said Gaur.