Greater Noida: The Noida Authority is all set to put pressure on the builders and flat buyers in Patwari Village of Noida Extension.

The authority decided to pay additional amount of Rs 550 per square metre to farmers of Patwari village as compensation.

Following this, the authority has decided to charge an additional amount of Rs 2250 per square metre from the builders and Rs 500 sqaure metre from the allottees.

It will soon issue a notification to the home buyers in this regard.

Several builders and allottees were affected by the High Court’s decision after it rejected land acquisition in the village.

Following this, the authority came to an agreement with the farmers and decided to give them additional compensation of Rs 550 per square metre which has caused additional burden of Rs 324 crore on the authority.

The revised rates are applicable only on Patwari land.

Meanwhile, the builders stated that they will hike the property costs for new investors while it remains same for old ones.