Land rates near metro, expressway hiked in Noida: Officials

Residential plots near metro rail line and the expressway will now cost more by at least 5 per cent, while land rates for group housing society and institutional plots have also been raised by at least 7 per cent, the Noida Authority announced on Friday.

The decision was taken during the 197th board meeting of the New Okhla Industrial Development Authority (NOIDA) held here and attended by its chairman Alok Tandon, CEO Ritu Maheshwari, among others.

Land rates have not been altered since 2016-17 but in view of increased expenditure in land acquisition, development and maintenance in 2019-20 it has been decided that rates of commercial plots with floor area ratio (FAR) 2 will be reduced by 15 per cent, while those with FAR 4 will remain unchanged, the authority said.

"There has been no change in the rate of land in residential areas in general although the categories of some sectors like 14A, 15A, 44A and 44B have been upgraded. Residential plots close to metro rail line will now cost 5 per cent more, while those near expressway will cost 7.5 per cent more. There has also been an increase of 7 per cent on group housing plots and institutional plots," it said in a statement.

The authority said it has approved a proposal for developing a golf course, a club and a multi-purpose open space with a place for adventure sports and other tourist attractions like restaurant in a 120 acre land in Sector 151.

A helipad will also be developed in public-private participation model on a 10-acre land in the sector, it added.

It also approved a proposal for the Noida Convention and Habitat Centre for which land has been identified in sector 94. The Convention and Habitat Centre will have two auditoriums with a seating capacity for 2,505 and 750 people, respectively.

It will also have six banquet halls, a hotel with 150 rooms, an art gallery and an open-air theatre, retail space and space for exhibitions with all facilities.

The authority has also approved a proposal for developing spaces for housing at least 200 start-ups. It has identified a 2,300 sq metre square area in Noida Phase 2 and another 2,700 square metre area on the seventh floor of the upcoming multi-level parking in Botanical Garden for this, according to the statement.

In order to encourage sanitation workers, the authority has decided to set up monthly reward of Rs 3,100 for two supervisors and Rs 2,100 for 10 sanitation workers for good work.

On the solid waste management front, it has approved a proposal that partial occupancy certificate and occupancy certificate will only be issued for projects that ensure installation of solid waste management systems inside their premises.

"This condition would apply only on group housing societies and commercial and institutional spaces bigger than 2,000 square metres and industrial plots that are spread in an area larger than 5,000 square metres," the authority said.

The Noida Authority said it has extended the deadline till November 30 for builders to repay their pending dues in order to have more projects get occupancy certificate so that flats could be handed over to buyers. The earlier deadline for this was August 31.