Allahabad HC Decision Brings Relief to Property Buyers In Noida Extension

WORK-TO-RESUME-AT-NOIDA-EXTENSION

Bringing some relief to the existing and prospective investors in Noida Extension, the Allahabad High Court dismissed the review petition filed by farmers and Greater Noida Authority in the land acquisition case. However, the complete clarity would come by mid-June, when National Capital Region (NCR) Planning Board is expected to provide clearance in the matter.
Pankaj Bajaj, President CREDAI NCR responds to the judgement “The builders had welcomed the October 2011 High Court verdict of enhanced compensation as a prudent solution to a complicated situation. Most of the farmers had also welcomed the solution. But some residual litigation was natural and expected. We are happy that the Allahabad High Court has upheld its order of October 2011. We hope that the litigation surrounding this matter will end and the developers can resume their projects.”
he home buyers have waited too long and we sympathise with their plight. The developers now await the NCRPB clearance before the work can start. We have been told by the Authorities that the NCRPB clearance should come by mid-June, Bajaj added.
Farmers had challenged the Allahabad High Court decision of October 21, 2011. And now the court has kept that decision alive that the steps taken at the time of land acquisition were right. The court refused to quash the acquisition of the village land acquired by using the urgency clause.
A lot of buyers investing in Noida Extension have been waiting for a judgement to steer clear from any controversy later. It is expected that after the issue is cleared, the developers will once again resume work in the stalled projects and the interest in this market will revive once more. A local realtor from Investors Clinic said “After the NCRPB decision is announced next month prices will shoot up. Our suggestion to buyers is not to withhold their buying decision as per sq ft price might double immediately after the final judgement is passed,” the realtor said.
source – Magic Bricks

1 Comment
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