Noida Authority allots Rs 500 crore for land acquisition, Rs 1,530 crore for development and construction for FY23

Noida Authority on Monday tabled the budget for financial year 2023 which allotted Rs 500 crore for land acquisition, Rs 1,530 crore for development and construction, and Rs 125 crore for rural and urban development.

The Authority has set a target of Rs 4,880 crore in revenue (nearly a 10 percent hike over last year) and Rs 4,579 crore in expenditure for development works.

With regard to auction of residential plots, the Authority has decided to adopt the procedure of the Delhi Development Authority.

The board also approved formation of a high-level committee of officials for the structural audit of high rises. This follows a February incident where two women were killed when one of the apartment blocks in Chintels Paradiso in Gurugram’s Sector 109 collapsed.

Moreover, the Authority amended its allotment process for IT and ITES plots. At present, a draw is done for plots below 4,000 sqm.

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It also granted Rs 6 crore to the fire department for buying a hydraulic platform to handle fires in multi-storey buildings.

The Authority also decided to grant mortgage permission to reschedule payment of dues for next two years to developers who qualify for the SBICAP-backed SWAMIH fund set up by the government. SWAMIH is Special Window for Completion of Construction of Affordable and Mid-Income Housing

This comes after SBICAP wrote to Noida Authority that some developers were unable to access SWAMIH fund. Now the SWAMIH fund will have to provide a guarantee that it will first clear the Authority’s dues. Till date only three projects in Greater Noida - Capital Athena, Panchsheel Greens and Sikka Kaamya - have received SWAMIH funding.

The board also decided that developers will have to obtain a consent letter from a minimum two-thirds of the total number of buyers for revision of maps and purchasing FAR (floor area ratio). The fee for the FAR has to be deposited within 30 days.

This comes after the Supreme Court on August 31, 2021 ordered the demolition of the Supertech Twin Towers located in Sector 93A within three months. The construction violated the minimum distance requirement and had been built illegally without the consent of individual flat owners as required under the UP Apartment Act.

The Authority has also decided to extend the benefit to people over inclusion of grandchildren in the direct blood relation in residential plots.

"Extending the prevailing policy for blood relation in the Authority, in case of death of father, it was decided to make the transfer in favour of grandchildren free of cost considering blood relation," it said.