Noida: Now only small land owners will become billionaires in Noida

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Now the owner of a small piece of land will become a billionaire in Noida A farmer from Noida has proved that there is delay in the house of law, not darkness. The farmer fought a legal battle for 17 years for his rights against the Noida Authority and the government.

Earlier this week, the Noida Authority paid Rs 295 crore to Veerana Reddy. Gautam Budh Nagar district has never received such a huge compensation amount. Reddy had land in Sector-18. There was an agreement between the authority and the developer to build a mall on that land.

A court case was filed against this by Veerana Reddy. Accepting his plea, the court ordered him to pay Rs 295 crore as compensation. The authority has now implemented this order.

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Board decided to pay

The Noida Authority Board met for the 207th time in November. During the meeting chaired by Industrial Development Commissioner Arvind Kumar, it was decided to release Rs 295 crore to the landowner Veerana Reddy. For this the proposal of the authority was approved. The Supreme Court had ordered the Noida Authority to pay Rs 295 crore to the original land owner. The land he has acquired is situated in Sector-18. An official of the Noida Authority confirmed that $295 million was paid to the land owner as per the apex court’s order issued on Friday.

full case

It was acquired by the Noida Authority in 2005 from the land owner Veerana Reddy. Veerana later objected to the acquisition, claiming that it had been unfairly compensated. The administration of Gautam Buddha Nagar decided to pay a compensation of Rs 18,00,481 along with interest at the rate of Rs 181.87 per square meter as on January 31, 2011. Reddy denied this.

Panoramic view of Greater Noida

Authority and Reddy’s legal battle

Veerana Reddy and the Noida Authority started a protracted legal battle in the Gautam Buddha Nagar district court. After that, it made its way to the Allahabad High Court and finally to the Supreme Court. A bench of Supreme Court judges Vineet Saran and JK Maheshwari ruled on May 5, 2022, that the authority will have to pay land compensation at the rate of $11,000 per square meter along with 15% interest and 3% penal interest.

Again, the Authority challenged the Supreme Court’s decision in a review petition. This was rejected by the Supreme Court, and no relief was granted to the authority. Thereafter compensation was paid to Veerana Reddy by the authority. This is the highest ever compensation rate not only in Gautam Buddha Nagar but in entire Uttar Pradesh.

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