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GREATER NOIDA AUTHORITY TELLS BUILDERS TO RECOMPENSE THE FARMERS AS PER THE DIRECTIVE OF THE UTTAR PRADESH GOVERNMENT

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The Real Estate Sources told the NBTV that it is a very sad day for the Builders like Amrapali and Supertech, as the Uttar Pradesh Government, in its statement, that it will convey this message to the Builders to saddle the extra financial blow to the tune of Rs.4,000 Crore that the Government may have to bear, in view of the directions received from the Hon’ble Allahabad Apex Court for payment of upper recompense to the farmers. In views of this decision of the U.P. Government, the contractors, in turn, will have to ask the land allottees to be ready with the extra money to be paid by them.
The sources further told the NBTV that with the Judgement delivered by the Allahabad High Court, the Chief Executive Officer, Rama Raman, heaved a sigh of relief to know about the nullifying of land acquirement in three villages as he felt there was no growth in the quashed villages.
With regard to payment of more reimbursement amount to the farmers, Raman told the sources that there will be an additional financial saddle to the tune of Rs.3000-4000 Crores as far as the Greater Noida Authority is concerned and further stated that since they work on ‘NO PROFIT – NO LOSS BASIS’, the amount can be retrieved from the extant and prospective land allottees like Builders, Institutions and Industries.
To a query from the sources as to how many projects have been hit in the three villages which have been repealed, the Noida Auhtority official said that in two villages, the farmers have not claimed for their recompense and that even the land has not been converted from Agricultural to Industrial. Speaking further about Asdullapur village, falling in the jurisdiction of Noida, the official said that there are schemes to build a railway platform and a sewerage plant which takes about a month for the commencement of the construction for they have to obtain approval from NCR Planning Board as per the directions of the Court.
Source: NIMMA BENGALURU

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