By the Court.—Heard learned counsel for parties.

2. Both these appeals have arisen from award dated 15th September, 1994, passed by Sri V.K. Jain, District Judge, Bulandshahr in Land Acquisition Reference No. 153 of 1989 and 155 of 1989, whereby it has determined market value of acquired land for the purpose of payment of compensation to the land owners/tenure holders at the rate of Rs. 75/- per square yard. Since common questions are involved in both matters, same have been taken up together and are being decided by this common judgment.

3. The State Government issued notification for acquisition of land in Village - Chola, Pargana and Tehsil - Sikandrabad, District - Bulandshahr under Section 4 (1) of Land Acquisition Act, 1894 (hereinafter referred to as ‘Act, 1894’), on 6.10.1988, for the purpose of appellant company, which is a public limited company, promoted by the Central Government for indeginous production of oral Polio Vaccine. It was incorporated as Government of India Undertaking under the provisions of Companies Act, 1956. It proposed to acquire 37-7-10, i.e. around 23.359 acres land, in Village - Chola. Notification under Section 6(1) of Act, 1894 was published on 16.12.1988 and possession of acquired land was taken over on 30.3.1989. Special Land Acquisition Officer (hereinafter referred to as ‘SLAO’) gave award on 8.6.1989, determining market value of acquired land for the purpose of compensation at Rs. 16397.73 per bigha (Rs.5.42 per square yard). Aggrieved there against, claimants land owners/tenure holders made applications under Section 18 of Act, 1894, for making reference to the District Judge and in pursuance thereof aforesaid two references were made which have been decided by District Judge, Bulandshahr, enhancing compensation to Rs. 75/- per square yard. Reference Court has relied on two sale-deeds/exemplars, one is dated 17.12.1988 (Exhibit - 2), executed by one Smt. Rajviri, transfering, by sale, 378 square yards of land for consideration of Rs. 12500/- per bigha (Rs.33.098 per square yard) and another sale-deed dated 27.12.1989, wherein 44 square meters of land was transferred by sale for consideration of Rs. 5,000/-. Besides, it has also observed that acquired land had residential potentiality. Relying on aforesaid two exemplars, it has said that SLAO has not considered potentiality of land in future. It has also said that adjacent to acquired land there are shops, police station and electricity sub station. It has also referred to award dated 25.7.1994, given in Land Acquisition Reference No. 64 of 1994, wherein the Reference Court determined compensation at the rate of Rs. 120/- per square yard. Acquisition in Land Acquisition Reference No. 64 of 1994, pertains to year 1991.

4. Sri Arun Kumar, learned counsel for appellants vehemently contended that exemplars and award in Land Acquisition Reference No. 64 of 1994, have wrongly been relied by Court below and determination of market value at Rs. 75/- is patently arbitrary, highly excessive and not based on any valid piece of evidence.

5. On the contrary, learned counsel appearing for respondents contended that SLAO had not examined the matter correctly and land in question at the time of acquisition had huge potential in future, besides the fact that it was already a developed area, therefore, its market value was much higher than what was determined by SLAO. Reference Court has therefore rightly determined market value at Rs. 75/- per square yard and no interference is called for.

6. The points for determination for deciding these appeals are :

(1) Whether the two exemplars i.e. sale-deeds dated 17.12.1988 and 27.12.1989 relied upon by Reference Court and award passed in Land Acquisition Reference No. 64 of 1994, relied by Reference Court, can be said to be valid evidence to justify market value determined by Reference Court in respe