Noida Authority decided on acquiring lands
The Noida and Greater Noida authorities have come to decision that they will be buying land directly from farmers for any planned development, including group housing projects. While this will provide help to the farmers get a higher rate of compensation and faster cut down litigation that has slowed down the real estate sector, it will also mean costlier flats as builders fork out more for the land they acquire from the authorities for their projects.
At a joint board meeting on Tuesday, the two authorities decided to deal directly with farmers and circumvent the Land Acquisition, Rehabilitation and Resettlement Act, 2013 to avoid legal tangles.
The Noida authority has decided to offer Rs 3,960 per square metre to farmers, a 50 percent increase over the present compensation of Rs 2,640. In Greater Noida, the rate is now up 40 percent, from Rs 1,780 per sq m to Rs 2,500.
This decision that has been taken by the Noida Authority will be helping in enhancing and freely facilitating the land acquisition and the problems that are related with that. However the later can be stated only post the work starts.
Source: The Times of India
