The Noida Authority has approved a budget of Rs 6,920 crore for the financial year 2023-24, and has decided to hike land rates by 6-10 percent across categories, while the rates for the A-plus category have remained unchanged.
Officials of the Noida Authority said that Rs 500 crore has been set aside for the Noida International Airport in Jewar, which will be used to acquire land for phase 2 and 3 of the airport.
The Noida Authority and the state government hold 37.5 percent stake each in the under-construction airport, while the Yamuna Expressway Industrial Development Authority (YEIDA) and the Greater Noida Industrial Development Authority (GNIDA) hold 12.5 percent each.
Officials said that the budget for FY2023-24 is around 40 percent higher than that of FY22-23, which was Rs 4,880 crore.
The Authority has set aside Rs 1,500 crore for acquiring land in FY23-24. Nearly Rs 500 will be used for land acquisition in Noida region, while Rs 1,000 crore has been set aside for purchase of land in the New Noida region, which will come up near Bulandshahar.
The Authority said it will spend Rs 1,906 crore on infrastructure development in Noida and Rs 141 crore on rural development.
These decisions were taken at the 209th board meeting of Noida Authority on April 23, where the Authority’s budget was also approved. The meeting was headed by the Uttar Pradesh Industrial Development Commissioner and Chairman of Noida and Greater Noida Authorities, Manoj Kumar Singh. It was also attended by Narendra Bhushan, Principal Secretary, Industrial Development, and Ritu Maheshwari, CEO, Noida Authority.
Land allotment rates revised
In the board meeting, the Noida Authority also revised the land allotment rates for industrial plots, IT parks, ITES plots, and data centres by 6 percent.
Similarly, the Authority has increased the group housing rates by 6 percent, the Authority said in a statement after the meeting. Earlier, plots for group housing projects were priced between Rs 61,000 and Rs 1.5 lakh per square metre (sqm).
The Authority also increased the prices of A to D category plots (priced between Rs 46,800 to Rs 1.11 lakh per sqm) by 6 percent. Land allotment rates in E category sectors have been revised upwards by 10 percent to Rs 45,375 per sqm from Rs 41,250 per sqm earlier, the Authority noted.
The rates for the A-plus category have remained unchanged at Rs 1,75,000 per sqm.
The Authority noted that an upward revision in land allotment rates was imperative because of inflation. It said that the Authority had seen a 5-6 percent increase in land costs, hence it had decided to hike the land allotment rates.
The last time the Authority had increased rates was August 2022.
Structural safety
The Authority has also made it mandatory — applicable April 1 onwards — for builders applying for partial or full occupancy certificates (OC) to submit a structural safety audit report by one of the empanelled institutions. The Authority said that it had empanelled seven technical institutions for the structural audit of high-rise buildings in the city.
The technical institutions that have been empanelled to conduct these audits are the Indian Institute of Technology-Kanpur, Delhi Technical University, Malaviya National Institute of Technology (MNIT)-Allahabad, BITS-Pilani, Aligarh Muslim University, MNIT-Jaipur, and the Central Building Research Institute-Roorkee.
Last November, the Noida Authority had approved a structural safety policy defining the responsibility of both developers and apartment owners’ associations (AOA) in ensuring the safety of high-rise buildings.
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