More than 20,000 homebuyers who have been awaiting possession of their flats for over a decade are now looking to the appellate tribunal’s verdict on a petition filed by a regional development authority. The authority is challenging a previous tribunal order that had approved the insolvency resolution plan submitted for the distressed real estate company involved in the township project.

The development authority approached the appellate tribunal after its compensation claim of ?1,689 crore for payment to landowners was rejected by the lower tribunal in March last year. The lower tribunal had limited the authority’s entitlement to ?10 lakh, categorizing it as an operational creditor.

Back in 2011, land in the concerned district was acquired at a price of ?880 per sq. m. By 2024, allotment rates had increased significantly to ?25,900 per sq. m., reflecting a rise of more than 2,800% in market value. Large infrastructure developments—including an upcoming international airport, expressway linkages, and a dedicated freight corridor—have contributed to the sharp escalation in land prices.

The development authority also noted that the additional compensation calculation—initially amounting to ?1,689 crore—was reduced during the resolution process. A deduction of ?143 crore was proposed, with the reasoning that another local authority had already disbursed a portion of the compensation to landowners.

Toll collection on the expressway has also seen consistent growth, rising from ?334.18 crore in 2020–2021 to ?380.03 crore in 2021–2022, and further to ?428.91 crore in 2022–2023.

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