Supreme Court's Verdict
The Supreme Court has upheld the decision of the Allahabad High Court, which nullified the possession of land in Shahberi Village by the Greater Noida Authority. Additionally, the Supreme Court imposed a fine of INR 10 lakh on the Greater Noida Authority. The apex court ruled that the authority purchased the lands for industrial projects but later converted the land usage to residential projects, an act that violates the land's initial purpose.
Impact on Builders
The Supreme Court's decision is expected to affect several prominent builders in the region, including:
- Amarpali
- Ajnara
- Mahagun
- Supertech
- Panchsheel
Supertech's Clarification
On the other hand, Supertech Limited has clarified that it has not launched or sold any project on the land in Shahberi Village. Although this village is close to their Eco Village 2 project, the current land for this project does not fall within the village's boundaries. Construction activities for all three Eco Village projects (Ecovillage-1, Ecovillage-2, Ecovillage-3) in Noida Extension are ongoing, ensuring that investments are safe and the projects will be completed on time. The Eco Village housing units are affordably priced, starting at INR 9.85 lakhs.
Prospective Gains for Other Locations
The setback for Noida Extension is anticipated to bring unexpected gains for other locations such as:
- Noida
- Indirapuram
- Vaishali
- Vasundhara
- Raj Nagar Extension
These regions may experience an influx of investors and buyers looking for alternative options following the Supreme Court's ruling.