Hailing the Supreme Court order upholding land acquisition in Noida-Greater Noida as valid, realtors' body CREDAI today said the apex court's verdict would benefit more than 2 lakh home buyers
It further said the development would renew confidence of home buyers and investors in the NCR property market, leading to a likely rise in housing demand.
The Supreme Court today upheld the Allahabad High Court judgement declaring as valid acquisition of land between 2006 to 2009 in 65 villages in Noida and Greater Noida, adjacent to the national capital.
A bench headed by Chief Justice H L Dattu dismissed a batch of appeals filed by farmers as well as Noida and Greater Noida Authority against the High Court's October 21, 2011, verdict.
The high court had refused to quash land acquisition and had directed that 10 per cent of the developed land be given to farmers.
"The Supreme Court has put to rest the biggest doubt that flat buyers had raised that whether buying properties in government alloted land could also be cancelled by any court of law.
"By upholding the development in Noida and Greater Noida, the court has set a precedent and added comfort to home buyers and real estate developers that government allotment can be trusted," CREDAI President Getamber Anand told PTI.
He said more than two lakh home buyers as well as real estate developers and financial institutions would benefit.
"This will renew confidence in home buyers and demand for flats is likely to increase in this area," he said.
CREDAI-NCR President Manoj Gaur thanked the Supreme Court for safeguarding the rightful interests of home buyers.
"So far hundreds of crores have already been invested for the development of the area. This order will enable unlocking value for all stakeholders and help the customers, developers and financial institutions redeem their capital that had been in deadlock after the objections were raised," Gaur said in a statement.
Property consultant Cushman & Wakefield Executive Managing Director South Asia Sanjay Dutt said: "...The Supreme Court's judgment is definitely a relief to buyers who had invested in their dream homes and had been living under a huge cloud of uncertainty since the last many years."
"We now expect these affordable residential markets to see increased transaction activity as demand in the segments up to mid-income remains strongest even in current market conditions," he added.
Amrapali CMD Anil Sharma said the decision has taken care of all stakeholders such as farmers, home buyers and the financial institutions.
"67 per cent higher compensation and 10 per cent developed land have brought cheers for all farmers of the area. All uncertainties have cleared now and project would move faster as financial institutions will not hesitate to fund the projects for clear title land," he said.
