How the Noida Authority is Actually Responsible for the Current Real-Estate Coll

Posted by aakanshagupta on January 30th, 2018

The vision of none other than Mr. Sanjay Gandhi during the days when Emergency was declared in the country is today one of the richest, if not the most happening, Municipal Corporations in India.

The land that sees skyscrapers and malls and cinemas and residential forests lining up one after the other are mostly on land that was acquired by the authority of the city under the Land Acquisition Act.

No land belongs to no one. The newly thriving city of Noida was blasted, thwarted into the hand of controversy when illegal acquisitions made from the farmers were followed by litigations in courts.

The litigations lasted over a decade, at the end of which the Allahabad High Court decided to go in favor of some of the farmers, the land of whom Noida illegally took over. In addition to upholding the entire acquisition by the Noida Authority, the Allahabad Court also added heavy compensations to be awarded to some of the farmers.

It was after the ruling of the court that Noida Authority, instead of handing over the land free from any debt to the farmers, decided to make both builders and the investors Third Party and knowingly hid the facts of legal proceedings from the builders.

Escaping the whole issue untarnished, the Noida Authority went forward and allotted/leased land to the builders for them to invest their own money on the development and bring in investors.

All this while when the Noida Authority was aware of the litigation proceedings and acquisitions by the farmers, it didn’t hold back from giving the green light to the builders to start the development of their projects over the disputed lands that they illegally leased/allotted to them.

The situation was a nightmare for everyone involved except, of course, the Noida Authority who were making riches left to right and center. When the investors who were unaware of the disputes and acquisitions related to the land invested heavy on the projects in Noida, the farmers decided to illegally show their dominance and take over the land themselves.

The farmers were continuing to plow the fields that were allotted to the builders by the Noida Authority – The Authority was making money through the dues that were outstanding against the builders and developers and was holding the completion certificates even for the projects that were ready to be deployed in the market.

The farmers didn’t allow the builders to complete the projects and the delay in development delayed the investors to actually get control of their homes, office spaces. This also made the cost of labor, interest rates, overhead costs, etc. to go up exponentially. An endless cycle with no end that saw only the Noida Authority prosper while everyone else struggled.

The current devastatingly horrendous condition of real-estate in Noida all comes down to the Noida Authority. No ad campaign, which the authority so liberally invests in, can hide or erase the tarnished image of the city and the struggles that farmers, builders, and investors have endured over the years.

The Noida Authority makes money from the unpaid dues while the farmers sleep with no land to call their own – the investors are out on the street protesting and the builders are waiting for the next court hearing that never comes