Flat owners and builders are left worried following the Supreme Court's order on Thursday granting a stay on the construction of housing units over 20 acres of land in Noida Extension's Bisrakh village.
The court's order came on combined petitions of 10 farmers who did not allow builders to start construction work on their land.
Gayatri, Stellar, Paramount, Devika Gold and Express are among the builders affected by the court order. These builders were planning to construct around 15,000 housing units on the disputed land. They had already started booking of these units.
The fate of 50,000 buyers is now uncertain in Bisrakh village, where the biggest amount of land (40 per cent) is at stake.
Adding to the woes is the fact that petitions of around 60 farmers of Bisrakh village, who have not accepted compensation, seeking quashing the land acquisition, are scheduled to be heard in the apex court.
If the court delivers a similar order as Thursday's, a large section of home-buyers would be affected as 15 real estate players are constructing housing units on the acquired land.
Bisrakh farmers, who have refused 64 per cent increased compensation from Greater Noida Authority, have accused the authority of acquiring their land "unfairly" by using the urgency clause of the Land Acquisition Act. They allege that the land use was changed to suit private builders.
In 2008 , the Greater Noida Authority had acquired 608 acres of land from farmers of Bisrakh village in which builders planned to construct about 50,000 houses.
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