Noida Extension / Greater Noida West : UpdatesPosted on: 05 October 2012 10:16 am
Noida Extn farmers to get cheques worth Rs 150cr
GREATER NOIDA: The Greater Noida Authority on Thursday released Rs 150 crore to its land acquisition department to resume disbursement of pending cheques to farmers of Greater Noida West (Noida Extension).
This step is in response to farmers venting their ire against developers last month by stalling construction of few housing projects.
The Authority has also decided to take a loan of around Rs 800 crore from banks to pay the farmers their compensation dues at the enhanced rate of 64.7%. The Authority had stalled disbursement of compensation cheques in December last year as it was facing a severe cash crunch.
The Authority is yet to pay at least Rs 1,000 crore due to the farmers as enhanced compensation directed by the Allahabad high court in October last year. While it has already written to the state government requesting financial aid, developers with upcoming projects in the Greater Noida West area have also resumed paying their instalments on allotment after the NCR Planning Board approved the Master Plan 2021.
"The Authority hopes to receive all due instalments from developers for the period between October 2011 and September 2012 by the end of this month. Following this, we hope to pay the farmers their enhanced compensation and settle their grievances," an Authority official said. "Once money from the developers is received, the Authority can also resume development work that had remained stalled for almost 10 months," he said.
The developers owe the Authority around Rs 20,000 crore as instalment for the land allotted to them in Noida Extension. The Authority had collected nearly Rs 300 crore from the developers. However, following the land dispute, most developers stopped paying the instalments. For just the period between October 2011 and September 2012, the developers owe the Authority a sum of around Rs 1,000 crore.