Rs 10 Lakhs fine for Greater Noida
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Another heartbreaking decision against the real estate developers is on the limelight where a fine has been imposed to the Greater Noida Authority and also nullified their possession of a land in its near by area of Shahberi village. The Supreme Court decision was made in favour of the Allahabad High court verdict against the force fully acquisition of this farm land from the helpless owners. It was great encouragement to the spirit of fight back attitude of the other victims whose lands are already been used by various top rated real estate dealers.
A huge area of land was bought by the Authority of Greater Noida from the farmers for the cause of industrial ventures but later on gradually it turned out to be posh residential colonies priced with heavy profit margins. It was a clear cut violation act of land usage. After a agitation made against these proceeding the Supreme court came out with the final verdict with nullification along with the fine amount. The very decision affected some of the known builders of the region like Amarpali, Ajnara, Mahagun, Supertech and Panchsheel.
But on the other hand it was all maintained by the Supertech Limited and was continuining with their commitments. Interestingly this area is very close to the Eco Village 2 but the present land of this project is out of the vicinity of this location. Here work is on with full swing for all the three schemes – Ecovillage-1, Ecovillage-2, and Ecovillage-3 at the Noida extension area. Hence it is a safe platform for investment and the projects are expected to be completed on targeted time. After completion houses on these Ecovillage will be at affordable range of Rs 9.85 lakhs. This unexpected loss will definitely give way to the other regions like Noida, Indirapuram, Vaishali, Vasundhara and Raj Nagar Extension.
Source: NIMMA BENGALURU
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