Noida business owners have to pay compensation amount for farmers
An amount of around four lakh residents and business owners of Noida and Greater Noida will have to cough up more money for their properties to the local authority. The reason behind this is that the Noida authority has decided to pass on to them the burden of an additional Rs 1,800 crore which will be provided as compensation to the farmers of 39 villages.
And this burden will be passed on to the entire property holders, both the old and new ones. The amount is yet to be decided. A buyer will have to pay between Rs 70 and Rs 100 per square metre in Greater Noida. The rates for Noida are yet to be finalised. A flat owner of 1000 square feet area in Greater Noida will have to pay Rs 50,000-60,000 more on possession. This was stated by a Greater Noida official.
The Allahabad high court had ordered the authority to pay enhanced compensation to the farmers. The payment of Rs 1,800 crore to the farmers pushed up the compensation amount by 64 percent. The authority’s land department is expected to prepare a proposal on this issue in a few days as stated by a source.
Source: Hindustan Times
Allahabad High Court, compensation amount for farmers, Greater Noida, Noida Authority, Noida business owners
