The High Court has ruled in favor of the Greater Noida Yamuna Authority, ordering 13 builders and 94 institutions to pay crores in interest. The strict action by the High Court targets builders of group housing projects and educational institutions located in the Yamuna Authority area.
The long-standing battle was over the 64.7% interest on compensation given to farmers by the Yamuna Authority. The Yamuna Authority has won this battle in the High Court, and outstanding amounts will now be collected from the defaulting educational institutions and builders.
The institutions owe approximately ₹6000 crores, while the builders are required to pay ₹1458 crores. The land was allotted to these builders and institutions before 2010. To pay the increased compensation to the farmers, the authority had taken a ₹4000 crore loan.
The case reached the High Court in 2019. Due to non-payment of interest, these institutions are now facing restrictions on activities related to the authority.
