The Noida Authority will facilitate the transaction of Rs 235 crore between the DLF Mall and Bengaluru-based businessman Virana Reddy.
The authority has issued a notice to the owner of DLF's Mall of India. DLF Universal Limited Company will have to pay Rs 235 crore to the authority that will pay the money to the businessman. The case is 17 years old.
The land on which DLF mall was built belonged to Virana Reddy. He had bought the land from a local farmer on April 24, 1997.
The Noida Authority acquired this land and gave it to the company that built the mall.
The businessman moved the Supreme Court over the case. The court recently asked the Noida Authority to pay the remaining Rs 235 crore.
The authority, however, has sent a notice to the DLF Mall of India to pay the money within 15 days.
On May 5, 2022, Supreme Court's justice Vineet Saran and JK Maheshwari's bench ordered the Noida Authority to pay an interest of 15 percent to the man. They have also asked them to pay the remaining money at the rate of 1,10,000 per square meter as compensation for the land acquisition, reported Tricity News.
