Asix per cent hike in land allotment prices for the financial year 2024-25 was announced by the Noida Authority after it concluded its 214th board meeting on July 12. With this, the rates for group housing, institutional and industrial sectors will be impacted.
As per an official statement, the rates of residential plots have also been raised by six per cent except the A+ category. In this category, the prices have been kept intact.
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This change also applies to industrial zones and commercial usage, particularly impacting the rates for the IT/ITES sectors.
The meeting was chaired by UP Chief Secretary and Authority Chairperson Manoj Kumar Singh with Noida Authority CEO Lokesh M and Additional CEO Ravindra Kumar and other board members in attendance.
Protecting home-buyers interest
The board meeting also stressed on some other critical issues, such as the resolution of legacy stalled projects and the implementation of the Amitabh Kant committee’s recommendations.
The main goal of this committee was to safeguard the interests of home-buyers and ensure the timely completion of stalled projects. In response to the committee’s recommendations, the Uttar Pradesh government implemented a policy via an order issued on December 21, 2023. The primary objective of this policy is to expedite the delivery of homes to buyers by revitalising stalled projects promptly.
“To date, 27 out of 57 projects under this policy have successfully utilised the scheme’s benefits, covering approximately 47 per cent of the total developments. As of June 18, 2024, the progress includes the completion of registration for these 27 projects,” the statement said.
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“The Authority expects to receive Rs 830 crore within a year for the remaining 75 per cent of the funds, paving for implementing registry of approximately 3,000 flats in these projects,” it added.
Besides this, a crucial decision was the approval of a proposal on extending the construction period of housing projects. Developers facing delays due to unforeseen circumstances will now receive a 10 percent annual surcharge extension beyond the initial 12-year period, up to a maximum of three years, according to the statement.
“The extension will be granted subject to specific conditions and will not apply to projects where the time extension fee has already been paid,” it noted.
Additional initiatives approved by the board comprise the allocation of five percent of residential plots for displaced farmers of Noida, the establishment of green spaces and biodiversity parks in designated sectors, the authorisation of new civil work for constructing an international golf course in Sector-151, and the development of a deer park and biodiversity park in Sector-91, in compliance with environmental guidelines.
The board also sanctioned the formation of a committee to evaluate and report on the new Sustainable Development and Building Regulations (SDBR-2023) prepared by the Bureau of Indian Standards (BIS) under the Central government, as per the statement.
(With PTI inputs)
