Noida Autbority's Rs 5,827-cr budget for 2019-20

The Noida Authority on Friday announced its annual budget for 2019-20 at Rs 5,827 crore, up from last fiscal's Rs 4,900 crore.

The authority also announced releasing its share in the funding for the upcoming international airport at Jewar, according to an official statement released after its 196th board meeting here.

"The board has also approved the proposal for providing 10-per cent developed plots, maximum to the size of 450 square metres, to farmers. We will send the proposal to government for its final approval," the official added.

"The authority has given an in principle approval for releasing funds of Rs 1,069.50 crore for the construction of Noida International Green Field Airport at Jewar. The funds will be used for land acquisition and providing compensation to farmers, lands of whom have been acquired by the authority for construction of the airport project," it said.

The Uttar Pradesh government and the Noida authority will contribute Rs 1,500 crore each as their stake in a company, which has been chosen to supervise the airport project, while the Greater Noida and the Yamuna Expressway authorities will stake Rs 500 crore each as their contribution in the project.

The board has given its in-principle approval to allow floor-wise sale and purchase of residential buildings in Noida, and the matter has been referred to the state government for its permission, according to the statement.

During the meeting, the board also decided to implement reschedule policy of debts on the builders, in a bid to overcome the issues between builders and home buyers, it said.

The board also announced providing leave travel concession (LTC) to Noida Authority officials as offered to the state government employees.

The authority said it will bear electricity costs for running fully-automatic compost machine -- 50-per cent cost in first year and 25 per cent in the second year.

It also announced financial support of Rs 5 lakh to the family of those labourers who had lost their life in accidents at work, and also provide Rs 10,000 for final rites of the workers.