The Greater Noida Industrial Development Authority (GNIDA) has approved the Master Plan 2041 on August 12, paving the way for the further growth of this satellite town near Delhi. The master plan envisages the acquisition of 40,000 hectares for the development and expansion of Greater Noida.
At present, Greater Noida is spread over 31,733 hectares. After the execution of the master plan, the city will sprawl over roughly 71,733 hectares.
Stuck projects
According to officials present at the board meeting, the authority also discussed the central government’s Amitabh Kant committee report on stalled housing projects, which recommends measures for the revival of these in order to provide relief to around 2 lakh homebuyers. However, the board is yet to come to a conclusion regarding these recommendations.
“We have discussed the Kant-panel report. But a decision can only be taken after it’s been discussed by the other two authorities — the Noida Authority and the Yamuna Expressway Industrial Development Authority (YEIDA). Because issues related to real estate projects are similar in GNIDA, NOIDA, and YEIDA, hence, policies and solutions should also be similar,” the official said on condition of anonymity.
The panel led by Kant, India’s G20 Sherpa and former CEO of NITI Aayog, has proposed a moratorium on the payment of builders’ dues to the authorities. This would ease the financial situation of builders and help them complete delayed or stuck housing projects, with the proviso that the developers will clear their dues in stages. The committee also said that a reasonable interest rate should be charged and the focus should be on completing the projects.
Master Plan 2041
The Master Plan 2041 will serve as a blueprint for the development of the second phase of Greater Noida, and will provide an impetus to industrial development in the region. Apart from this, land has also been proposed for residential development, mixed-use (commercial and residential), greenery, institutional use, and for transportation.
Officials said the land bank was steadily reducing in Greater Noida, and more land was required for expansion of industrial projects, hence, it was decided to acquire more land from farmers for the second phase.
Officials said that demand for land is likely to go up further after the Noida International Airport in Jewar becomes operational in 2024.
One-time settlement scheme
The GNIDA board has also decided to introduce a one-time-settlement (OTS) scheme for the allottees of 2,200 flats, who had failed to clear their dues to the Authority.
The OTS scheme will be available for three months, and the authority is expected to net around Rs 468 crore from this.
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