Greater Noida Authority refunded excess money to over 5,500 buyers

Thousands of home buyers who bought a house or plot from the GreaterNoida Industrial Development Authority (GNIDA) are likely to get returns. GNIDA has decided to return the additional money taken from 5,520 home buyers a decade ago. During the internal audit process, it was found that the buyers had deposited additional money to the authority.

These buyers invested in housing schemes or plots launched nearly a decade ago in Greater Noida of Sector-2 and 3, MU-01, XU-01, 02, 03, Omicron-01, 02, 03 and 01 A.

GNIDA has experienced tremendous growth and the authorities have started acquiring land between 2007 and 2008. But an objection from the farmers on the additional compensation postponed the land acquisition process in 2011. More than 450 appeals were filed in the Allahabad High Court, and it gave 64.70% additional compensation. For troubled farmers.

After opposing the low compensation amount paid to them in return for the land acquired by the farmers, GNIDA started demanding additional money. As a result, home buyers, plot owners as well as developers had approached the High Court against GNIDA's decision to charge additional fees.

On 18 September 2019, the High Court noted that GNIDA was unable to describe how it was determining the additional compensation to be asked of the allottees. The High Court empowered to reschedule the compensation of the farmer.

Following the High Court order, GNIDA has issued a notice on 30 September 2019 stating that the charge rates of allottees of plot and built-up area have come down from 1,465 / sq m to 1,287 / sqm. A list of 5,520 buyers who paid an additional amount to the authority. The refund amount to such home buyers ranges from Rs 25 to Rs 1.29 lakh.

According to GNIDA CEO Narendra Bhushan, it was observed that there were some errors in calculation of compensation amount, and these allottees were charged an additional 15% on average. After completing the due process, it will be returned to the bank accounts of the beneficiaries. 

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