In Brief
Reddy Veerana sought compensation for 2.18 bighas of land in Uttar Pradesh that NOIDA acquired in 2005-2006 for industrial development. The Supreme Court upheld the High Court's determination that compensation should be based on a circle rate of Rs. 1,10,000 per square meter for commercial property. However, the Court eliminated the High Court's 50% deduction for development charges, finding it unjustified given the land was already developed and acquired through an irregular process. The Court awarded statutory interest at 9% per annum for one year from possession, then 15% per annum thereafter, plus an additional 3% penal interest to remedy the constitutional wrong caused by a 14-year delay in payment.
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