May 30, 2024 02:12:14 booked.net

The Owner Of A Small Piece Of Land Became A Billionaire Over Night In Noida.

“There is a delay in the house of law, not darkness”, this has been proved by a farmer from Noida. The farmer fought a legal battle for his rights from the district court to the Supreme Court for 17 years against the Noida Authority and the government. Now the Noida Authority has paid Rs 295 crore to a farmer named Veerana Reddy on Sunday. This is the biggest compensation amount relative to land acquisition in the history of the Gautam Budh Nagar district. Reddy had land in Sector 18. The authority allotted that land to build a shopping mall. Against which Veerana Reddy had approached the court. Accepting his stand, the court ordered him to pay compensation of Rs 295 crore. Now the authority has implemented this order.

The Authority Board Decided To Pay

The 207th Board meeting of the Noida Authority was held in November. In it was decided under the chairmanship of Industrial Development Commissioner of Uttar Pradesh Arvind Kumar that Rs 295 crore should be released to the landowner Veerana Reddy. For this, the authority put forward a proposal, which was approved. The Supreme Court had ordered the Noida Authority to pay Rs 295 crore to the original land owner. His land was acquired in Sector 18. “We have released ₹295 crores to the land owner on Friday as per the apex court’s order,” said a Noida Authority official.

What Is The Whole Matter?

The Noida Authority acquired the approximately 7,400 sqm plot in 2005 from land owner Veerana Reddy. Who later objected to the acquisition because the compensation offered was unfair? On 31 January 2011, the Gautam Budh Nagar administration decided to pay compensation of Rs 18,00,481 and interest at the rate of Rs 181.87 per sqm Which Reddy refused?

Authority And Reddy Have A Long Legal Battle

What followed was a protracted legal battle between the Noida Authority and Veerana Reddy, which began in the Gautam Budh Nagar district court. Then it reached the Allahabad High Court and finally the Supreme Court. On May 5, 2022, the Supreme Court bench of Justices Vineet Saran and JK Maheshwari ordered the authority to pay land compensation at the rate of ₹1,10,000 per square meter along with 15% interest and 3% penal interest. The Authority once again went in a review petition against the decision of the Supreme Court. Which was rejected by the Supreme Court which refused to give relief to the authority. After this, the authority decided to give compensation to Veerana Reddy. Let us tell you that this is the biggest compensation rate not only in the history of Gautam Budh Nagar but in the entire Uttar Pradesh.