Ever since Supreme Court ruled in favour of farmers in Shahberi village case, fate of residential projects in Greater Noida Extension is in doldrums.
13 villages from Noida Extension had filed a case in Allahabad High Court demanding return of their lands and the bench comprising Justice Amitabh Lala and Justice A K Srivastava referred the Land acquisition cases of Greater Noida and Noida to a larger bench of the High Court.
The Court has also asked farmers to negotiate directly with Greater Noida Authority and try to come to a conclusion by Aug 12th. If no solution is found, then the Court will hear the case again on 17th Aug.
Meanwhile, RBI has hiked the key rates by 50 basis points, which means home loans will only get costlier. For the home buyers in Greater Noida Extension, this only spells doom. Already unsure about the future of their dream home, the buyers will now also be forced to pay more money in EMI’s.
Since Court’s judgement doesn’t clearly specify the land as disputed, the home buyers can’t even refuse to pay the monthly installments to the bank.