New land act cripples development in Noida
The Yamuna Expressway Industrial Development Authority’s (YEIDA) ambitious scheme of 21,000 plots along Yamuna Expressway will continue to remain affected because of the new Land Acquisitions Act.india Updated: Jul 01, 2014 18:13 IST
The Yamuna Expressway Industrial Development Authority’s (YEIDA) ambitious scheme of 21,000 plots along Yamuna Expressway will continue to remain affected because of the new Land Acquisitions Act.
YEIDA had allotted the residential plots scheme in 2009-10. However, because of farmers’ protests, the authority has failed to hand over possession of these plots to allottees, who have together invested about Rs 2,000 crore.
If the authority gives-in to the demands, it would mean that YEIDA would have to generate Rs 8,000 crore (apart from already paid money for the land) from buyers and builders.
“New act says that if a farmer has not accepted compensation for his/her land acquired by the government under old land acquisition act. And the possession of the land stays with a farmer, then government will have to re-acquire the same land implementing 2013 act. Therefore, Yamuna’s 21,000 residential plots scheme will fail to take off,” said Dhirendra Singh a farmer leader.
In another controversy marred project, the Noida authority had announced to build a Rs 400 crore new office in a 130-metre high iconic building having 42 storeys on a 68,000 sqm plot in 2009. But it could not start the project as the land was entangled in legal conflict. Farmers of the area opposing to the land acquisition for this project had moved Allahabad high court against the authority.
“The same building would have cost Rs 400 crore to the Noida authority in 2009-10. But now, a similar building would cost anything around Rs 800 crore. Therefore, the authority now plans to build only 25 storeys instead of earlier plan of 42 storeys,” said a senior official.
First Published: Jul 01, 2014 18:12 IST