Noida's DLF Mall to pay Rs 235 crore to Bengaluru based businessman to settle land dispute

The Noida Authority will facilitate a transaction of Rs 235 crore between the DLF Mall and Bengaluru-based businessman Virana Reddy within next 15 days, an official statement said today.

The authority has issued a notice to DLF Universal Limited Company, the owner of DLF's Mall of India, directing it to pay Rs 235 crore to the authority that will pay the money to the businessman. 

Bengaluru Based businessman Virana Redy had filed the case 17 years ago, claiming that the land belonged to him and was bought from a local farmer on April 24, 1997. 

Later, the Noida Authority acquired the land and gave it to the company that built the mall.

In the while, the businessman moved to Supreme court, demanding better compensation for the land. Recently, the Court asked the Noida Authority to pay the remaining Rs 235 crore.