The following versions exist with regards to the naming of the village:

According to the above excerpt, the village was named after the Greek phrase “stou (Eroto)kritou” which was then changed into a female name. The addition of the word Terra, as the above excerpt explains, is linked to the expansion of the village which resulted from the unification of the village of (Eroto)kritou with the neighbouring village called Terra. What is worth mentioning is the fact that researchers do not seem to agree, since some of them consider this version to be the prevailing one, whereas others consider it as the least probable one. According to the latter, however, this version of the naming is more linked to the naming of the community of Kritou Marottou.  

Sources: 
Kritou Terra Community Council 
www. hellenica.de/Griechenland/Zypern/GR/KritouTerra.html
Great Cyprus Encyclopaedia 
Dr Christou G. Aristeidou
Savvas Arkadiou