Greater Noida: Allahabad High Court decision of quashing the notification of land acquisition at Saberi Village in Noida Extension has caused panic among investors as well as the builders who are coming up with several projects in the area.

However, the Greater Noida Industrial Development Authority (GNIDA) has claimed that the decision is not going to affect the investors as the farmers have already agreed to sell off their land to the Authority and very soon farmers will be asked to register their lands in favour of the Authority.

The builders and investors are keen to know the time that will be required in the process.

The High Court decision has directly affected three of the builders and it is likely to affect others builders’ projects as well.

One of the builder’s agent said, “Customers are not coming for the last three days. And, this situation is prevailing at every booking centre.”

The Allahabad High Court on Thursday annulled the notification of acquisition of 156.903 hectare land in Saberi village.

After the HC decision, Chief Executive Officer (CEO) of GNA, Rama Raman held a meeting with Saberi village famers, who have agreed to sell their land directly to the authority.

Rama Raman has assured the investors that the required steps in this regard are being initiated.
“There will be no barrier in acquiring the land. Soon the land will be returned to the builders,” he said.

The investors have already paid three to four installments to builders.