In a major respite to property investors in Greater Noida, the authority on Monday declared the disputed period of over eight months as ‘zero period’ and waived off the interest of the allottees. The decision was announced in the 92nd board meeting of the Greater Noida Industrial Development Authority [GNIDA] and 44th meeting of Yamuna Expressway Industrial Development Authority [YEIDA]. A budget of around Rs 7,021 crore for Noida was also passed in a separate meeting on Monday.
‘The board has approved our proposal to declare the period from 21 October 2011 to the date NCR Planning Board approves the Greater Noida Master Plan-2021, as zero period for all the allottees in
Greater Noida. The decision has been taken to restore the confidence of investors in the area,’ said Rama Raman, CEO of Greater Noida. The board also approved Rs 4,797.77 crore budget for GNIDA of which Rs 2,540 crore would be invested on land acquisition and Rs 150 crore on development of villages in the area.
‘We have planned to compensate the farmers of Noida Extension as per the guidelines of Allahabad high court, including increased compensation and five per cent developed land. We will start the work in the area as soon as NCR Planning Board gives its written approval for Greater Noida Master Plan-2021,’ said Raman. Greater Noida has also authorised architectures registered with ‘Council of Architecture’ to give provisional certificate to maps for residential constructions and which would be approved by the authority after examination.
The authority also decided to finalise DPR for Metro route from Sector 32 in Noida to Pari Chowk to Bodaki and Metro route from Sector 71 in Noida to Bodaki through Noida Extension. Both these routes would be constructed on PPP model.
The board passed a budget proposal of Rs 2,531 crore for YEIDA of which Rs 1,460 crore would be expended on land acquisition. The Noida Authority passed a budget amount of Rs 7,021.40 crore for the year 2012-13 against Rs 5,076.63 crore for the year 2011-12. A multi-purpose sports stadium has been planned in Noida and Rs 40 crore has been allocated for it.
HIGHLIGHT
Greater Noida CEO Rama Raman has objected to the word ‘Noida Extension’ by property dealers, builders and real estate giants. ‘We will soon write to builders, real estate companies and property dealers to not use the word ‘Noida Extension’ and mention their respective sectors instead. The area is the part of Greater Noida adjacent to Noida, but it is in no way associated with Noida,’ said Rama Raman CEO of Greater Noida.
‘The board has approved our proposal to declare the period from 21 October 2011 to the date NCR Planning Board approves the Greater Noida Master Plan-2021, as zero period for all the allottees in
Greater Noida. The decision has been taken to restore the confidence of investors in the area,’ said Rama Raman, CEO of Greater Noida. The board also approved Rs 4,797.77 crore budget for GNIDA of which Rs 2,540 crore would be invested on land acquisition and Rs 150 crore on development of villages in the area.
‘We have planned to compensate the farmers of Noida Extension as per the guidelines of Allahabad high court, including increased compensation and five per cent developed land. We will start the work in the area as soon as NCR Planning Board gives its written approval for Greater Noida Master Plan-2021,’ said Raman. Greater Noida has also authorised architectures registered with ‘Council of Architecture’ to give provisional certificate to maps for residential constructions and which would be approved by the authority after examination.
The authority also decided to finalise DPR for Metro route from Sector 32 in Noida to Pari Chowk to Bodaki and Metro route from Sector 71 in Noida to Bodaki through Noida Extension. Both these routes would be constructed on PPP model.
The board passed a budget proposal of Rs 2,531 crore for YEIDA of which Rs 1,460 crore would be expended on land acquisition. The Noida Authority passed a budget amount of Rs 7,021.40 crore for the year 2012-13 against Rs 5,076.63 crore for the year 2011-12. A multi-purpose sports stadium has been planned in Noida and Rs 40 crore has been allocated for it.
HIGHLIGHT
Greater Noida CEO Rama Raman has objected to the word ‘Noida Extension’ by property dealers, builders and real estate giants. ‘We will soon write to builders, real estate companies and property dealers to not use the word ‘Noida Extension’ and mention their respective sectors instead. The area is the part of Greater Noida adjacent to Noida, but it is in no way associated with Noida,’ said Rama Raman CEO of Greater Noida.