Supreme Court Halts Proceedings On Saharas’ Pleas

After hearing the request of the Securities and Exchange Board of India; the Supreme Court has asked SAT and Allahabad HC to halt all proceedings on the pleas filed by Sahara firms.

The Supreme Court, after hearing the request filed by Securities and Exchange Board of India, halted Allahabad High Court and the Securities Appellate Tribunal from hearing all the pleas filed by SHIC, SIREC and Subrata Roy. Continue reading

Allahabad H.C. Stays Some Noida Real Estate Projects

Halted Noida Real Estate

Halted Noida Real Estate

Noida real estate construction particularly some residential projects, received a stay from the Allahabad high court. Considering the petition of over fifty farmers from Sarfabad village, a neighboring village of Noida Allahabad high court gave the verdict. As per the stay residential projects which spread over six hectares of land in Noida Sectors 120 and 75 will be standing still. Continue reading

Noida Land Order Got No Reviews from Allahabad High Court

Home-buyers in Noida and Greater Noida will have to wait longer for their flats. The Allahabad high court on Monday dismissed the plea of the Noida and Greater Noida authorities seeking review of its earlier order requiring all projects in the area to get the NCR Planning Board’s approval. So, till these clearances are in place, buyers will not get possession.

However, there was some relief for the buyers as well, with the court striking down a review petition by a group of villagers who wanted the land acquisition quashed in a village where construction work had started. The ruling led to some farmers in Noida Extension taking to the streets and attacking housing projects. They blocked traffic for a few hours.

The court also stuck to its earlier ruling granting increased compensation as well as 10% of the developed land to farmers.

Both the Noida and Greater Noida authorities had filed applications seeking review of the order dated October 21, 2011 which requires the NCR Board’s clearances for projects. The authorities argued before the three-judge bench of Justices Ashok Bhushan, S U Khan and V K Shukla, there was no need for such approvals but the bench was not impressed.

The court also dismissed applications to review the order on providing 10% developed plots to farmers. The authorities said development work in the area was almost complete and there were no leftover plots which could be given to farmers. Appearing for the farmers, Kamal Singh Yadav opposed the review applications saying developed plots were available but was not being provided to farmers. On October 21, 2011, after hearing 491 petitions against land acquisition filed by farmers of 63 villages falling under Noida and Greater Noida, the Allahabad High Court had cancelled land acquisition in three villages where construction had not started.

The acquisition was undertaken by the authorities using the urgency clause in the name of industrial development. But later the land use was changed to residential and plots sold to builders. However, in 60 villages where substantial construction work was already done, the court did not quash the acquisition. Instead, it asked the authorities to increase compensation and provide 10% to the affected farmers.

Thus, while ensuring enhanced compensation to farmers, the court also took into account the interest of more than 50,000 people who had booked flats and houses in projects on the acquired land. Now, the two authorities have no other option but to take approval of NCR planning board whose meeting is scheduled later this month and pay enhanced compensation to farmers.

Noida Authority and Builders Hope for Solution.

Allahabad High Court is have given Noida Authority time for 02 weeks to sort out the crisis with farmers. The authority have now time to sort out things with farmers, builders and buyers which is a positive intervention. This is providing a window for renegotiating and thus may result in solving issues between all and comes out with a solution that protects the interests of all – buyers, farmers, builders and the state.

Balwinder Kumar the Chairperson of Noida Authority  said, that the authority has announced its willingness to negotiate with Noida farmers. The CEO Rama Raman says, the court’s direction are welcome and they will immediatly start talking to the villagers. The Authority now wants to reassure the aggrieved villagers that we are on their side, and willing to sort out all their issues.

The court directions will benefit all the involved parties. All are hopeful that the Authority will sort out the land row at the earliest.

SC’s Decision About Noida Extension Land Deals Broke Buyers’ Dreams

The Investors and the buyers are in panic after the decision of Supreme Court came up, of upheld the Allahabad High Court judgement. They are under huge shock as the judgment had rejected the possession of over 156 hectors of land for developing a township in Greater Noida or can say Noida Extension. Supreme Court’s judgment jointly comprising of Justice  G.S. Singhvi and Justice A.K. Ganguly has given a set back to Mayawati’s government and the builders.

About 6,000  buyers have been affected by the judgment of the reverse of the projects and the developers will take steps to compensate the buyers by shifting them to other projects or by refunding them the money. However, buyers are in a complete state of panic as developers are very sure of themselves as they say their projects are safe. For instance, Mr. Pandey booked a house in November 2010, in Mahagun Mywoods project. The developers are sure their project is very much safe but the buyer wants his money back but the developer says if they cancel the booking, 10% of the booking amount will be levied as cancelation penalty. This would be approximately INR 2 Lakhs. Other buyers too have similar opinions.