Noida News: How Much Can You Estimate the Land Price of Atta Market? Supreme Court Sets the Rate

Noida: Atta Market is Noida's most famous market, located in Sector 18. This market is often referred to as Mini Chandni Chowk. You can find everything here, from clothes to food. The issue of compensation for the land of this market had been pending in various courts for a long time. Now, the Supreme Court, using its powers under Article 142 of the Constitution, has set a uniform compensation rate of ₹403 per square yard for landowners in the commercial area near Sector-18 in Noida. This case had been ongoing for 30 years.

The matter became complicated as different batches of landowners were receiving different compensation rates. The Allahabad High Court had set a rate of ₹340 per square yard, which was upheld by the Supreme Court in 2014. In another case filed by different landowners, the Supreme Court in 2017 set another compensation rate of ₹449 per square yard, based on which the High Court awarded the same compensation to another batch of landowners.

Noida Authority Challenged High Court's Decision

The Noida Authority challenged the Allahabad High Court's decision to award ₹449 per square yard. Simultaneously, a group of landowners filed a petition in the Supreme Court to increase the compensation to ₹449 per square yard.

Courts Should Consider Three Factors for Compensation: SC

A bench of Justice Surya Kant and Justice K.V. Viswanathan extensively reviewed the records and found that the Supreme Court's 2017 decision to set the rate at ₹449 per square yard was clearly incorrect. The bench stated that while estimating fair and reasonable compensation for landowners, courts should consider three factors: the character of the land, its future potential, and market sentiment indicators.