Thursday was a day which thousands of families will never forget but for all the right reasons. All the land which the vibrant Noida Authority had bought between the years 2006 and 2009 in the fast emerging Noida Extension has been upheld by the mighty Supreme Court. The fate of thousands of families were lying and dangling in the balance as the farmers were hoping for a higher compensation or a way to get their land back. Therefore all can now breathe a much needed sigh of relief.
The court has strategically dismissed each and every petition without exception which were filed by the farmers and their unions and made it crystal clear that no land will be returned to any farmer whatsoever. Therefore in effect the Supreme Court has upheld Allahabad High Court’s earlier order which had also stated that farmers will not be given their land back but guaranteed a higher compensation that is the two concerned authorities will have to shell out an increased compensation of a whopping 64.7% which amounts to 1400 per square yards along with providing a minimum 10 percent of the final developed land.
Thus thousands of families finally have a smile back on their face. Supreme court’s order has given them some much needed relief and respite as they were hapless and oblivious to the fact whether they will ever get the possession of their house or not. Close to a staggering 1000 plus residential real estate projects could have faced the brunt if the order was not passed. A major chunk of these projects are almost in the final stage of construction.
A plethora of litigations impending in a torrent of courts had loomed large over the head of Noida Extension for the past two years. But the final conclusion was reached on Thursday. This highly anticipated and hailed move by the Supreme Court is a move which has the potential to restore the lost confidence of investors in real estate. Favourable sentiments might make a comeback immensely soon in the realty space of NCR and Noida in particular. Apart from enabling home buyers to sleep way better at night the SC order will also lead to a money multiplier role in the local and state economy. Local infrastructure will be boosted by several notches along with sourcing of crores of rupees to the all important exchequer of the state.
All the real estate developers operating in NCR had made a beeline for Noida Extension when Noida Authority had increased the density along with a humungous increment in the floor area ratio. FAR became a whopping 3.5 compared to the earlier 1.75. So in effect, developers could make 200 apartments in the very same piece of land instead of the earlier possible 100 units. But the impending suits played party poopers but all seems to be well now. No additional compensation will have to be paid or 10% of developed land to be handed over because of the latest SC ruling as well.
Thus now is the time to get rid of all the second thoughts you were getting about buying the home of your dreams in Noida and take the plunge. You will definitely not regret it, Noida is here to stay at the very top.