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SC's Noida land order leaves investors worried


Varun Kumar,CNN-IBN
Jul 07, 2011 at 12:28am IST

New Delhi: Jubilant farmers of Sahberi village danced after the Supreme Court stayed the acquisition of their land by the Greater Noida Authority. As the apex court struck down the acquisition of land from farmers by commercial builders in the Noida Extension area, about 156 hectares of land will now go back to the farmers.

But the judgement has spelt gloom for the thousands of home buyers, whose investment is at risk now.

However, the builders say they will compensate.

"We have returned 90 per cent of the money or promised them flats elsewhere...our project wasn't at an advanced stage," said Amrapali Group Chairman Anil Kumar Sharma.

The Supreme Court's judgement means the land that was sold to builders will revert back to the farmers, who then have the option of reselling it to the builders.

But there's no clarity yet about what will happen to the housing projects by Supertech, Mahagun, Ajnara and Panchsheel.

Farmers like 50 year old Ram Chander however are delighted - he says his land was forcibly taken from him.

"I m happy with the judgement," said Ram Chandar, a farmer.

"we haven't decided what to do with the land, but we could sell it back to the builders," said farmers' spokesperson Sajid Hussain.

As it upheld the earlier Allahabad High Court order quashing the acquisition of the 156 hectares, the Supreme Court also fined the Greater Noida Authority Rs 10 lakh. The court said the Authority allotted the land to builders even before the government approved the use of agricultural land for residential, and not industrial purposes. The Supreme Court is also expected to issue notifications now in two more cases involving villages along the yamuna belt.

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