There is a major relief for home buyers and real estate developers with the Supreme Court upheld the order on land acquisition in Greater Noida Extension. The Apex court has recently dismissed pleas against land acquisition near Noida Extension and upheld the earlier order by the Allahabad High Court. The order brings a major relief to home buyers and investors who were earlier skeptical towards investing in properties here.
As per the Allahabad High Court's ruling, farmers will get around 64 per cent additional compensation for their land and also 10 per cent of the developed land will be given to them by government authorities. The judgment by the court was challenged by both Noida and Greater Noida authority, and about 850 petitions were filed in the Supreme Court. Also, farmer groups have file about 350 petitions for the same issue.
The recent order by the Apex Court has resolved the issue pertaining to land use in the area. The area can now be used for infrastructure development and for providing affordable housing to thousands of people in Noida. There is also a proposed metro line to be constructed from Noida City Centre Metro Station to Noida Extension that will give major boost to real estate development in the region.
Mr. Anil Mithas, Chairman & Managing Director at Unnati Fortune Group says, “The Supreme Court order will make way for various infrastructure development projects in the area. There are about 3 lakh housing units being developed or under construction at Noida Extension. The order will boost market sentiments and attract more people to invest in Noida real estate projects.”
As per the Allahabad High Court's ruling, farmers will get around 64 per cent additional compensation for their land and also 10 per cent of the developed land will be given to them by government authorities. The judgment by the court was challenged by both Noida and Greater Noida authority, and about 850 petitions were filed in the Supreme Court. Also, farmer groups have file about 350 petitions for the same issue.
The recent order by the Apex Court has resolved the issue pertaining to land use in the area. The area can now be used for infrastructure development and for providing affordable housing to thousands of people in Noida. There is also a proposed metro line to be constructed from Noida City Centre Metro Station to Noida Extension that will give major boost to real estate development in the region.
Mr. Anil Mithas, Chairman & Managing Director at Unnati Fortune Group says, “The Supreme Court order will make way for various infrastructure development projects in the area. There are about 3 lakh housing units being developed or under construction at Noida Extension. The order will boost market sentiments and attract more people to invest in Noida real estate projects.”