This is because the GDA board has approved the development authority’s proposal to recover the extra costs that the latter had to incur in its housing scheme on account of enhanced compensation to farmers whose land was acquired for the project.
As for rates for a 100 sqm plot, a buyer will be charged Rs 5 lakh more. The GDA has, however, given the option of surrendering the plots in case an allottee is unable to pay up.
Madhuban Bapudham is spread over an area of 1,231 hectares, which has 2,570 plots under different categories. The original rate of these plots was Rs 11,000 a sqm, but the GDA hiked it to Rs 17,000 a sqm.
“The GDA was forced to revisit the land rates of plots after a group of farmers moved the Supreme Court, demanding higher land compensation, and the court in 2007 ordered us to pay the enhanced compensation under the Land Acquisition (Rehabilitation & Resettlement) Act 2013,” said a GDA official.
“To pay the enhanced compensation to the farmers, the GDA needed Rs 1,100 crore extra. So, it took a loan of Rs 800 crore, and now the Authority intends to recover it from plot buyers by loading the extra cost on them with retrospective effect,” he added.
There are over 254 MLA plots, 762 developed plots earmarked for farmers whose land was acquired, and some 1,554 plots for ordinary buyers on whom the increased land rates will be charged.
The increased rates, however, will not be applicable on group housing societies under the Madhuban Bapudham scheme. “We have about 1,122 complete flats under group housing societies and we have decided not to increase their rates,” said the official.
The per unit cost of flats under group housing societies in Madhuban Bapudham scheme vary between Rs 50 lakh and Rs 65 lakh.
The GDA has also earmarked about 13.50 hectares of land in its Madhuban Bapudham scheme for commercial, institutional, health centres and for other civic amenities. “We are yet to develop 13.50 hectares of land and after it is developed, the same would be sold at enhanced land rates,” the official added.
Meanwhile, the decision didn’t go down well with several plot owners and some said that the matter was unacceptable. “This is a wrong move by the GDA and I will surrender my plot,” said a plot owner.