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Land sold at no-profit-no-loss: Greater Noida Authority

Press Trust Of India  |  New Delhi 

The Greater Noida Industrial Development Authority has also clarified that the land acquired from farmers for development is sold at no-profit-no-loss basis.

“Cost of land per square meter calculates to '11,000 for the Authority,” Chief Executive Officer Rama Raman told reporters in Noida on yesterday, adding that the land is purchased as well as sold at the same rate.

Giving the break-up, he said, “'850 per square meter is the land compensation cost. For internal development, the authority spends '1,500 per square meter. It includes internal sector roads, electric poles and transformers and other infrastructure. External cost is '850 per square meter which includes construction of wide roads, highways, for better connectivity.”

Raman said the third expense is special development such construction of hospitals, schools, fire stations and other infrastructure needed. “Its expenditure calculates to '1,600 per square meter, Beside these there are other expenses. Total cost per square meter calculates to '5,500,” he said.

After development, only 50 per cent of the land is available for sale as the rest goes in development of roads and parks. The actual expenditure per square meter on land to the authority comes around '10,500 to '11,000 per square meter,” he said.

Farmers not convinced

Farmers say when the authority’s credibility is at stake, they cannot buy these figures.

‘‘The issue is they took our land forcefully, and did not allow us to file objections. Why don’t change the policy and allow private builders to buy land directly. Who are they to decide on what should be the rate of our land. We don’t want to play by their rules. Let the market forces decide,’’ said Rupesh Verma, a spokesman for Zameen Adigrahan Pratirodh Andolan, which is challenging acqusitions in 60 villages.

First Published: Fri, July 29 2011. 00:36 IST