During the rate negotiation meetings in the last four months, land owners were offered between Rs. 22.5 lakh and Rs. 3.92 crore an acre.
It is learnt that for the 16 acres acquired in 2007 land owners were offered Rs. 63.15 lakh an acre.
Court order
Counsel of the land owners P. Shri Santhaaji said they moved court and the Additional Sub Judge-I awarded Rs. 2,080 a sq. ft. on August 13, last year.
“Land owners got more than Rs. 9 crore an acre. In addition, they were awarded a 30 per cent solatium, and 12 per cent appreciation charge. The total value came to Rs. 12.6 crore an acre in 2008. The land owners were entitled for an interest at the rate of 15 per cent till the amount was deposited in their bank accounts,” he said.
Mr. Santhaaji said that the rate was awarded by the court based on the prevailing market value at that time. Sale was executed for a price of Rs. 2,000 sq ft to Rs. 2,500 sq ft after obtaining value details from the State Government for the previous three years.
Based on this, the case was contested before the court, he added.
The award for compensation was for 9.53 acres owned by three families.
Case is pending before the court in respect of the remaining six acres.
Stating the Airport Authority of India (AAI) has not gone for an appeal against the verdict, and the compensation was yet to be deposited in the bank accounts of the land owners.
Petition
The counsel said that they have filed an execution petition before the court in January.
The compensation now works out to be around Rs. 25 crore an acre.
The land owners want to fix the compensation rate at Rs. 25 crore an acre.