Buying property in Noida Extension & GNIDA? Be ready to pay more
If you are planning to buying land in Noida Extension (one of the prime locations for affordable range of houses) and Greater Noida, be ready to pay more now. Reason, Greater Noida Industrial Development Authority (GNIDA) has once again raised the prices of properties by 16% to 40%, as a result of the hike in land compensation to farmers reached to settle the land acquisition row.
This is the second time in the current financial year that the GNIDA has increased prices. Earlier, it was raised from 12.5% to 20% on April 1, 2011. The new rate has already come into effect from September 2, 2011.
The housing prices have been increased from Rs 13,000 per sq metre to Rs 16,900 per sq metre. Moreover, prices of land for group housing, hospitals, dispensaries, entertainment, clubs, industrial and other purposes have also been increased.
Rama Raman, the chief executive officer of GNIDA, says: "It is a result of fund shortages due to an out-of-court settlement over land row in Patwari village, where we have already distributed Rs 550 per sq metre extra against the Rs 850 per sq metre to farmers. Like Patwari (where the Allahabad high court has quashed 589 hectares of land acquisition), we are trying to build consensus among farmers of other villages too."
"For an out-of-court settlement, the GNIDA has got an extra burden of Rs 80 crore, as compensation and rehabilitation packages, to be given to the farmers. Besides, owing to the shortage of funds, many development projects had to be stalled temporarily," he said.
Sources said that the GNIDA is already in debt, to the tune of Rs 4,500 crore, and many projects like the Metro line, connecting roads, sectoral development in Noida Extension and different pockets of Greater Noida, are now in limbo due to shortage of funds. The authority has now decided to give out plotted land to farmers of others villages where petitions have been filed in the Allahabad high court, instead of giving them increased compensation.
Asked if this deal would be acceptable to the farmers of the other villages, Rama Raman said: "If the farmers will not accept this offer, they will be given a higher compensation only when the authority has the required funds. A sum of Rs 324 crore has already been disbursed among more than 1,600 farmers in Patwari. Going by the same formula, the authority has to pay more to others too."
Impact of higher compensation on buyers and developers:
After the revision of the rate of compensation, the GNIDA has been issuing notices to all the developers and the builders whose projects are coming up in the areas around Patwari. After getting the notices, the builders and the developers will have to pay an extra Rs 2,250 per sq metre in Patwari, comprising Sectors 1, 2, 3 and Ecotech 13.
The GNIDA had allotted 589 hectares of land to builders like Amrapali, Supertech, Nirala, Eros, etc, at rates ranging between Rs 10,000 and Rs 11,600 per sq metre, through a tender process.
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