NEW DELHI: Greater Noida Industrial Development Authority (GNIDA) on Friday said consumers will have to pay much more for properties in the region in future after the Supreme Court disallowed acquisition of 176 hectares of land from farmers.
The authority also said it will return the land to the affected farmers as per the apex court ruling and will strictly follow the new land acquisition policy of Uttar Pradesh in acquiring land for future projects.
"After this court order, we will acquire all future land keeping in mind the market price and hence will have to pay higher land prices. Automatically, sale prices will increase and hence end consumers will be impacted severely," GNIDA Chief Executive Officer Rama Raman said.




The authority will follow the court orders in "letter and spirit" and will return the land to farmers, he added.
"Initially, we will return the land as per the orders. We will see later how we can proceed in this respect after going through the detail judgement," Raman said.
He, however, did not specify what GNIDA will do to compensate the developers, but said it will acquire land at regular intervals "as and when necessary".
On Wednesday, the Supreme Court had upheld a verdict of the Allahabad High Court that quashed acquisition of 176 hectares of land from farmers in Greater Noida saying the authorities were "sub-serving" private builders in the name of public interest.
Raman, however, said real estate development in the area is unlikely to get affected due to the judgement.
"I don't think it will affect much, but due to procedural steps, we may only witness some delays," he added.
Meanwhile, real estate analysts said the Supreme Court decision is unlikely to affect much in the future, but rather it will help all stakeholders to approach cautiously.
"Demand will not be impacted much in the region as developers are taking various proactive measures to address customers' concerns.
"From now onwards, all future transactions will see double verifications from all parties like consumers, developers and the government. It is a good thing for the sector to avoid any controversy," Jones Lang LaSalle Chief Executive Officer (Operations) Santhosh Kumar said.
He said developers may feel some impact in the near future as they are either refunding the money or giving alternate locations to consumers, who had booked their properties in the disputed area.
Expressing similar sentiments, Cushman & Wakefield India Director (Residential Services) Shveta Jain said there will not be any significant impact to the existing customers as developers are relocating them to other projects in the area.



Property prices in Greater Noida to increase sharply: GNIDA - Economic Times
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  • Property prices in Noida / Gr Noida are much lower than in Gurgaon - presumably because in Gurgaon private builders are buying land directly at higher costs. I certainly feel that prices in Noida / Greater Noida will be increace - and also number of projects will go down for next 3/5 years atleast. While this is not good, a certain positive outcome is likely elimination of lower repute builders (some of them could even be fly by night operators).
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  • The difference between ggn and noida is also regarding the fact that for the so called urban IT investors there are more opportunities and career prospects in ggn as compared to Noida.
    Current connectivity is also better in ggn and the connectivity will only improve and that to faster than Noida.
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  • The difference is in the gentry ;) don't take my word for that - here is a simple experiment anyone can do.

    Take a metro from Noida City center till rajiv chowk then huda city center

    This is what I have observed - Noida City center till rajiv chowk - too basic ph.one s, strong UP accent and the smell of hair oil and cheap deo all over.
    Rajiv chowk till Saket - too flashy ph.ones, typical delhi wala accent, but decent clothes

    Saket till huda city center - mostly black berries, vast english speak crowd, expensive but decent formal clothing.

    This speaks of the cultural diff between noida and gurgaon :)

    too basic reading to give a serious thought however it is similar to what I observed during my visit of Gr Noida "I will buy gr noida or noida xxx when the dating couples are replaced by working couples" (I know lot of people's wounds will go green on this statement) but do I care ????


    Rohit
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  • Originally Posted by rohit_warren
    The difference is in the gentry ;) don't take my word for that - here is a simple experiment anyone can do.

    Take a metro from Noida City center till rajiv chowk then huda city center

    This is what I have observed - Noida City center till rajiv chowk - too basic ph.one s, strong UP accent and the smell of hair oil and cheap deo all over.
    Rajiv chowk till Saket - too flashy ph.ones, typical delhi wala accent, but decent clothes

    Saket till huda city center - mostly black berries, vast english speak crowd, expensive but decent formal clothing.

    This speaks of the cultural diff between noida and gurgaon :)

    too basic reading to give a serious thought however it is similar to what I observed during my visit of Gr Noida "I will buy gr noida or noida xxx when the dating couples are replaced by working couples" (I know lot of people's wounds will go green on this statement) but do I care ????


    Rohit


    Gentry will be near about same in all new 25Lac to 50Lac apartments societies of NCR, this is just the own satisfaction otherwise several IT guys / Rich Persons are doing daily CRIMES in Mercedes in Gurgaon which is a MNC city & DELHI Vasant Vihar. Is the Gentry of DR. TALWAR was LOW or the GENTRY of kalmari / kalimori / A Raja / ....... ...... ....... .... is LOW.

    If still you only want to hear some more about so called GENTRY (imaginary) then UP gentry is much much better then Faridabad Arrogant JATS. Reality is that Meerut JATS are much much better than Faridabad Arrogant JATS. So where is your so called GENTRY.

    For me if we are taking flats in any new society anywhere in NCR form 25Lac to 50Lac then all we will face same type of GENTRY (public profile). Please do not try to show that someone is above then others. We are not taking flats in Unauthorized Colonies / Ghuuggi Ghopri, we are taking flats in societies with 2000+ rupees minimum monthly expense hence forget that GENTRY will not be good.
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  • Originally Posted by saurabh2011
    Gentry will be near about same in all new 25Lac to 50Lac apartments societies of NCR, this is just the own satisfaction otherwise several IT guys / Rich Persons are doing daily CRIMES in Mercedes in Gurgaon which is a MNC city & DELHI Vasant Vihar. Is the Gentry of DR. TALWAR was LOW or the GENTRY of kalmari / kalimori / A Raja / ....... ...... ....... .... is LOW.

    If still you only want to hear some more about so called GENTRY (imaginary) then UP gentry is much much better then Faridabad Arrogant JATS. Reality is that Meerut JATS are much much better than Faridabad Arrogant JATS. So where is your so called GENTRY.

    For me if we are taking flats in any new society anywhere in NCR form 25Lac to 50Lac then all we will face same type of GENTRY (public profile). Please do not try to show that someone is above then others. We are not taking flats in Unauthorized Colonies / Ghuuggi Ghopri, we are taking flats in societies with 2000+ rupees minimum monthly expense hence forget that GENTRY will not be good.


    Hilarious - tu to personal ho gaya yaar ! :bab (59):
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  • Originally Posted by rohit_warren
    The difference is in the gentry ;) don't take my word for that - here is a simple experiment anyone can do.

    Take a metro from Noida City center till rajiv chowk then huda city center

    This is what I have observed - Noida City center till rajiv chowk - too basic ph.one s, strong UP accent and the smell of hair oil and cheap deo all over.
    Rajiv chowk till Saket - too flashy ph.ones, typical delhi wala accent, but decent clothes

    Saket till huda city center - mostly black berries, vast english speak crowd, expensive but decent formal clothing.

    This speaks of the cultural diff between noida and gurgaon :)

    too basic reading to give a serious thought however it is similar to what I observed during my visit of Gr Noida "I will buy gr noida or noida xxx when the dating couples are replaced by working couples" (I know lot of people's wounds will go green on this statement) but do I care ????


    Rohit




    No body cares about your unreasonable post.
    CommentQuote
  • Excerpts from India Business hour

    CREDAI sees housing prices skyrocketing in Greater Noida
    Published on Mon, Jul 18, 2011 at 23:01 | Source : CNBC-TV18
    Updated at Mon, Jul 18, 2011 at 23:24



    Excerpts from India Business Hour on CNBC-TV18 Watch the full show »
    The Supreme Court order quashing the acquisition of 156 hectares of land by the Greater Noida Industrial Development Authority (GNIDA) has hit consumers and real estate companies hard. According to reports, projects worth Rs 40,000 crore are at stake. This will eventually hit housing prices in the NCR, and, thus make affordable houses in this region a dream. Commenting on this issue, Pankaj Bajaj, President of CREDAI NCR said, “Most of the crisis hit land was lying fallow, and, thus reversing the situation by giving it back to land owners won’t be a big deal.”
    He sees the prices skyrocketing in the Noida extension region despite the nervous and bad mood.
    Below is the verbatim transcript of his interview with CNBC-TV18's Shereen Bhan. Also watch the accompanying video.
    Q: What about consumers- the seven affected real estate developers are offering refunds, compensation or flats in other projects but the Supreme Court order suggests that third party interests in that sense are not really being looked at considering the fact that the land acquisition was illegal?
    A: It did come as a surprise but one must realize that five or six projects, which have been affected, not much work had actually progressed at the site. In my personal opinion, the court might have a different opinion if the work had actually progressed to, say, the fourth floor or the seventh floor. And, they would have then factored in third party interests and the balance of convenience would have actually lied in favour of the developers and the end customers. But in this case, the court in its wisdom has decided that the balance of convenience was not that big a factor and they said that not much work has been done. In fact, they actually said that because not much work has been done at the site there was no reason to invoke the emergency clause. What was the hurry, the sites are lying fallow or some bare minimum work has been done. So it is not such a great deal to reverse the situation and give it back to the land owners. I do believe that if the work had actually happened, the judgment might not have come out the way it has.
    Q: What happens to prices at the NCR region because that’s going to be the crucial question? This is really the hub as far as new residential development is concerned. The Greater Noida Authority has already said developers should be prepared to pay a lot more for the land. Can I ask you simply if affordable housing is now going to be a distant dream for the consumer?
    A: Paradoxically, yes, in spite of all this nervousness and the temporary bad mood, prices are actually going to move up because the so called Noida Extension region was a dream come true for the middle and the lower middle class. We were talking about a supply of about 2.5 lakh apartments in a period of three- four years. Contrast that with the situation in Delhi where every couple of years the Delhi Development Authority (DDA) comes out with a scheme of a mere 5000 apartments and they get 5 lakh applications. And, there is a sense of lottery about it and here we were with 2.5 lakh apartments actually getting delivered. Now, if you are going to take away some of that supply it is only obvious that the balance area is going to see rise in prices and you are actually restricting supply. So, we have all along been saying that to bring housing into the affordable range and the only answer is to increase supply and this seems to have gone in the other direction.
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  • Originally Posted by rohit_warren
    The difference is in the gentry ;) don't take my word for that - here is a simple experiment anyone can do.

    Take a metro from Noida City center till rajiv chowk then huda city center

    This is what I have observed - Noida City center till rajiv chowk - too basic ph.one s, strong UP accent and the smell of hair oil and cheap deo all over.
    Rajiv chowk till Saket - too flashy ph.ones, typical delhi wala accent, but decent clothes

    Saket till huda city center - mostly black berries, vast english speak crowd, expensive but decent formal clothing.

    This speaks of the cultural diff between noida and gurgaon :)

    too basic reading to give a serious thought however it is similar to what I observed during my visit of Gr Noida "I will buy gr noida or noida xxx when the dating couples are replaced by working couples" (I know lot of people's wounds will go green on this statement) but do I care ????


    Rohit


    Not sure how true or false this is... but the moment you get down from metro (or imaginary world) and take the normal road ... you will not see much difference.

    Regarding your comment about GN, it's a critical observation but to a great extent true. True in the sense that GN require more JOBS. To make GN a self sustainable city, the authority must focus on JOB creation. The day JOBS will be there in GN, it will just fly.
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  • Originally Posted by cjpl397
    No body cares about your unreasonable post.


    Arre wo Faridabad ka hain neharpaar waala hain yaar - wo pehle se hi dukhi hain, use maaf karo.
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  • Comparing Greater Noida with Gurgaon is like comparing Noida with Dharuhera or Kundli in terms of Land Availability. Hence the price difference.
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