The Greater Noida Industrial Development Authority (GNIDA) has approved a budget of Rs 4,378 crore for the financial year 2023-24 (FY24), out of which it has earmarked Rs 450 crore for the upcoming Noida International Airport in Jewar. Last year, GNIDA allocated Rs 350 crore for the airport.
The Authority has also set aside Rs 1,000 crore for acquiring land in its jurisdiction, officials privy to the development said.
The authority has also revised the rates of land allotment. It has increased the allotment rate of IT and ITeS plots by 4.42 percent, and for residential, industrial and institutional plots by around 15 percent. GNIDA has also approved the new payment plan for commercial plots. As per the new plan, now allottees can pay the total amount in three years’ time instead of a one-time payment. This is only for commercial plots. Currently, allottees have to make full payment in 90 days.
A report on the Completion Certificates and Occupancy Certificates was also tabled in the meeting. The Authority said that since June 1, 2020, as many as 4,189 allottees have applied for Completion Certificate and Occupancy Certificate, out of which 3,442 applicants have been issued these certificates. Nearly 631 applications are pending at the level of the empanelled architects, and 116 applications are pending at the authority level.
These decisions were taken at the 129th board meeting of GNIDA on April 21, where the Authority’s budget for FY24 was presented. The meeting was headed by the Uttar Pradesh government’s Industrial Development Commissioner and Chairman of Noida and Greater Noida Authorities, Manoj Kumar Singh.
Officials said that the budget for the Jewar airport has been enhanced by Rs 100 crore because more money would be required for land acquisition in phase 2 and 3 of the project. Nearly 1,300 hectares of land will be acquired in the second phase. A Social Impact Assessment (SIA) study is underway for Phase 2 of the land acquisition.
In the under-construction Noida International Airport in Jewar, GNIDA holds 12.5 percent stake. The Noida Authority and the state government hold 37.5 percent stake each, while the Yamuna Expressway Industrial Development Authority (YEIDA) holds 12.5 percent share in the project.
The Authority noted that last year, a budget of Rs 5,103 crore was approved, but due to the COVID-19 epidemic, only Rs 1,440 crore could be spent. Keeping this in view, the budget for FY24 has been prepared and kept at Rs 4,378, which is 14 percent lesser than the previous year’s budget.
The Greater Noida Authority has proposed to spend about Rs 575 crore on capital works in FY24. It proposes to spend Rs 1,244 crore on infrastructure development in the Greater Noida region.
Land allotment rate revision
In the board meeting, the Greater Noida Authority has also revised the allotment rates for assets for FY24. The Authority has increased the rates of industrial plots, IT parks and data centres by 4.42 percent. The existing rates of residential, commercial, builder and institutional plots have also been increased by up to 15 percent.
Officials said that before preparing the proposal for rate revision, a survey of market rates was conducted, in which the allotment rates of GNIDA were found to be low.
The current land allotment rates for industrial plots in GNIDA range between Rs 10,500 and Rs 25,500 per square metre (sqm), for residential it is between Rs 29,900 per sqm and Rs 39,000 per sqm. Similarly, the allotment rates for commercial plots range from Rs 52,000 per sqm to Rs 75,000 per sqm, while for IT plots it ranges between Rs 15,000 per sqm and Rs 30,000 per sqm. For institutional plots, the land rates range from Rs 13,000 per sqm to Rs 22,500 per sqm.
Entrepreneurs have been demanding that the Authority give them a greater floor area ratio (FAR), which would allow them to construct on more area of the industrial plots in the IITGNL Integrated Industrial Township. The Greater Noida Authority Board has approved the proposal to increase the ground coverage from 35 percent to 55 percent in the meeting.
In the meeting it was also decided that strict action will be taken against defaulter builders and allotment of the plots of developers who have not cleared dues of the Authority will be cancelled.
Also Read: Dues unpaid: Greater Noida Authority cancels allotment of plot to developer
Hike in farmer compensation
For farmers who have parted with their land through mutual consent, the authority has increased the existing rate of compensation by 10 percent in FY24. Currently, the rate of compensation is Rs 3,750. Now, this has been increased by Rs 375. The new rate is fixed at Rs 4,125
Officials said that keeping in view the demand of the farmers and the increase in market rates of land, it had become necessary to increase the rates of compensation. In a recent meeting with the CEO of the Authority, Ritu Maheshwari, farmers had demanded an increase in the rates of compensation.
Also Read: Noida International Airport may spur 30-40% increase in land prices: CEO YEIDA
Greater Noida Authority is trying to develop eight new sectors for industrial development. The process of purchasing land directly from farmers for these projects is underway.
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