Following the Supreme Court ruling disallowing acquisition of 176 hectares of land from farmers in greater Noida buyers will now have to pay more in the future in order to purchase properties in the region. This was disclosed by Greater Noida Industrial Development Authority (GNIDA). In the aftermath of the apex court ruling GNIDA has decided to return back the lands to the affected farmers. It has also decided that while acquiring land for future projects it will strictly follow the new land acquisition policy of Uttar Pradesh.
Rama Raman the Chief Executive Officer of GNIDA said that following the Supreme Court order all future land acquisitions will be done by GNIDA as per the market price which will be definitely on the higher side. This he said will automatically increase sale prices and this is going to impact consumers. Mr. Raman confirmed that GNIDA will definitely follow the apex court order and will return the land to farmers. On compensating the real estate developers, he did not say anything regarding the steps that GNIDA will take in this regard but said that GNIDA will acquire land at regular intervals as per requirement.
The verdict quashing the said land acquisition was first passed by the Allahabad High Court and later upheld by the Supreme Court.
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