Farm Houses in Noida

Farm Houses in Noida www.infralive.com 29 InfraLIVE September 15, 2022 rates ranged from 0.29 to 1.5 times of the basic rate and under residential category the rates ranged from 1.0 to 2.75 times of the basic rate. However, in deviation of its own stated method, Noida Authority took into consideration only the land acquisition cost, external develop- ment cost and fraction of other expen- ditures and the allotment rate was fixed at Rs 3,100 per sqm for farm house plots. The rates were decided without considering the internal development cost, maintenance cost, contingency expenditure, administra- tive expenditure etc. It has led to huge undue benefit to the affluent allottees and loss to Noida Authority of Rs 2,833.18 crore. Thus, the land of farmers acquired at cheaper rates using urgency clause was provided on discretionary basis to affluent individuals at a highly subsi- dised rate. In fact, properties like farm houses in an area with developed infrastructure command a substantial premium in the real estate market, which Noida Authority failed to real- ise. Thus, the rates of farmhouse plots were fixed abysmally low without considering the basic rate applicable during the concerned year. The rates were fixedwithout any justification on record ie public interest, cross subsi- disation etc, for not recovering even the basic rate from the allottee. It may be noted that rates for farm house plots were Rs 3,100 per sqm against Rs 14,400 per sqm for lowest category under residential. Thus, the classification of category of farm house plots without consider- ing its end use, their location close to developed areas and realising a frac- tion of the basic rate without justifica- tion led to huge undue benefit to the affluent allottees while compounding loss of revenue toNOIDA. The lower fixation of rates without considering the basic rate applicable during the year resulted in loss to Noida Authority to be borne by other categories and thereby unduly favoured the affluent and allottees of farm house plots to the extent of Rs 2,833.18 crore. In this background, it will be interesting to see the outcome of the PIL pending before the AllahabadHighCourt. Table-5: Plot wise & sector wise list of allottees Sl Sector Property No. Name of Allottee 1 126 FH-01 Ragini Project Pvt Ltd 2 126 FH-02 Navika Jewel Pack Pvt Ltd 3 126 FH-03 Indo Gulf Diagostics & Research Centre Pvt Ltd 4 126 FH-04 Alka Das 5 127 FH-01 Richa Bhardwaj 6 127 FH-02 Surpreet Singh Suri 7 127 FH-03 Nirmal Singh Transferred to Anushria Realtech Pvt Ltd on 30.02.2011 8 127 FH-04 Anushria Infotech Pvt Ltd 9 127 FH-05 Constant Efine Infosoftech Pvt Ltd Transferred to Nirmal Singh on 30.03.2011 10 127 FH-06 Shashi Kant Chaurasia 11 127 FH-07 Navneet Kumar Chaurasia 12 127 FH-08 Emirates Infrastructure Pvt Ltd 13 127 FH-09 Sameer Gupta 14 128 FH-01 Comprehensive IT Developers Pvt Ltd 15 128 FH-02 MD Web Designers Pvt Ltd 16 128 FH-03 Apra Motels Pvt Ltd 17 128 FH-04 Pradeep Chaudhary 18 128 FH-05 Infics Infrastructures Pvt Ltd 19 128 FH-06 Great Value Exim Pvt Ltd 20 128 FH-07 Vijay Kumar 21 128 FH-08 Hilsun Estates Pvt Ltd 22 128 FH-09 Green Look Farm & Cottages Pvt Ltd 23 128 FH-10 Shiv Valley Steels & Alloys Pvt Ltd Transferred to PHKS Recreation Pvt Ltd on 30.03.2011 24 128 FH-10A Shiv Valley Steels & Alloys Pvt Ltd Transferred to Everlike Real Estate & Devlopers Pvt Ltd on 30.03.2011 25-26 128 FH-11 & 22 Meadow Infra Develops Pvt Ltd Transferred to Vichiter Lata on 28.09.2010 27-28 128 FH-12 & 21 Snerea Realtors Pvt Ltd to Vichiter Lata on 28.09.2010 29-30 128 FH-12A & 20 Experience Buildwell Pvt Ltd 31-32 128 FH-14 & 19 Sapphire Infra project Pvt Ltd 33-34 128 FH-15 & 18 Sheshvata Infratech Pvt Ltd 35 128 FH-16 Glory Infrabuild Pvt Ltd Transferred to Balaji Investment Management Pvt Ltd on 22.02.2012 36 128 FH-17 Glory Infrabuild Pvt Ltd Transferred to Freedom Technobuild Pvt Ltd on 21.02.2012