CREDAI offers to payRs2,250 per sqm more to Greater Noida authority
13 Sep 2011
There is some good news for people who spent their hard-earned money hoping to own a house in Noida extension.
Even as Allahabad high court started daily hearings in all Noida Extension land acquisition cases yesterday, the Confederation of Real Estate Developers' Association of India (CREDAI) has agreed to pay Greater Noida authority Rs2,250 per sqm more for the land already allotted to builders. The body has also promised not to pass on the burden to the existing buyers.
According to Pankaj Bajaj, president of CREDAI-NCR, there was no provision in the allotment agreement (between the authority and builders) according to which the rate of allotment could be hiked, but in the larger interest of the people it is ready to absorb the burden.
The Greater Noida authority on 6 September said it would increase the price of land allotted to builders, who were told to pay Rs2,250 per sqm more and the builders in turn said they would pass on the burden (10 per cent of the house cost) to flat buyers.
According to Bajaj, CREDAI was not at fault as it bought land from the authority thinking the title was clean and it did not know the land was disputed and its ownership could be challenged. He added CREDAI was trying to make sure the already booked houses did not cost more.
The hike would be effected in villages, where the authority was striking deals with farmers, paying them bonus money and high-value plots in return of assurance that the farmers would withdraw their petitions and allow resumption of stuck housing projects. The authority would need crores of rupees for such arrangements.
Forcible land acquisition has been quashed by the authority in Shahberi and Patwari villages, affecting 26,500 houses. Other villages in Noida Extension villages have approached courts seeking their land back and in all about 1 lakh buyers had booked houses in Noida Extension and close to 2.25 lakh houses were planned.
The hearing into the land acquisition cases, acquired in Noida, Greater Noida and Greater Noida Extension by the full judge bench of the Allahabad High Court would continue today.
The full bench comprising justices Ashok Bhushan, S U Khan and V K Shukla yesterday permitted the counsels of all the parties to argue the writ petitions filed pertaining to the land acquisition matter of Patwari village.
The petitioners' counsel and the counsel appearing for the UP government, Noida and Greater Noida authorities had yesterday argued at length in support of their cases.
The petitioners' counsel argued that there was "colourable exercise of power" by the state government and authorities in acquisition of their land and they had been illegally deprived from hearing before acquisition of their valuable lands, which had been taken away by the state government and the authorities at a throw away price and handed over to builders at very high price.
Countering the farmers' arguments, the counsel appearing for the state government and the Greater Noida Authority pleaded before the full bench that substantial development work had taken place in Noida and Greater Noida and Extension areas after acquisition of the farmers' land.
Even as Allahabad high court started daily hearings in all Noida Extension land acquisition cases yesterday, the Confederation of Real Estate Developers' Association of India (CREDAI) has agreed to pay Greater Noida authority Rs2,250 per sqm more for the land already allotted to builders. The body has also promised not to pass on the burden to the existing buyers.
According to Pankaj Bajaj, president of CREDAI-NCR, there was no provision in the allotment agreement (between the authority and builders) according to which the rate of allotment could be hiked, but in the larger interest of the people it is ready to absorb the burden.
The Greater Noida authority on 6 September said it would increase the price of land allotted to builders, who were told to pay Rs2,250 per sqm more and the builders in turn said they would pass on the burden (10 per cent of the house cost) to flat buyers.
According to Bajaj, CREDAI was not at fault as it bought land from the authority thinking the title was clean and it did not know the land was disputed and its ownership could be challenged. He added CREDAI was trying to make sure the already booked houses did not cost more.
The hike would be effected in villages, where the authority was striking deals with farmers, paying them bonus money and high-value plots in return of assurance that the farmers would withdraw their petitions and allow resumption of stuck housing projects. The authority would need crores of rupees for such arrangements.
Forcible land acquisition has been quashed by the authority in Shahberi and Patwari villages, affecting 26,500 houses. Other villages in Noida Extension villages have approached courts seeking their land back and in all about 1 lakh buyers had booked houses in Noida Extension and close to 2.25 lakh houses were planned.
The hearing into the land acquisition cases, acquired in Noida, Greater Noida and Greater Noida Extension by the full judge bench of the Allahabad High Court would continue today.
The full bench comprising justices Ashok Bhushan, S U Khan and V K Shukla yesterday permitted the counsels of all the parties to argue the writ petitions filed pertaining to the land acquisition matter of Patwari village.
The petitioners' counsel and the counsel appearing for the UP government, Noida and Greater Noida authorities had yesterday argued at length in support of their cases.
The petitioners' counsel argued that there was "colourable exercise of power" by the state government and authorities in acquisition of their land and they had been illegally deprived from hearing before acquisition of their valuable lands, which had been taken away by the state government and the authorities at a throw away price and handed over to builders at very high price.
Countering the farmers' arguments, the counsel appearing for the state government and the Greater Noida Authority pleaded before the full bench that substantial development work had taken place in Noida and Greater Noida and Extension areas after acquisition of the farmers' land.