Noida Authority hikes finances by 40% to Rs 6,920 cr, ups land charges by 6-10%

The Noida Authority has authorised a finances of Rs 6,920 crore for the monetary 12 months 2023-24, and has determined to hike land charges by 6-10 p.c throughout classes, whereas the charges for the A-plus class have remained unchanged.

Officers of the Noida Authority stated that Rs 500 crore has been put aside for the Noida Worldwide Airport in Jewar, which can be used to amass land for part 2 and three of the airport.

The Noida Authority and the state authorities maintain 37.5 p.c stake every within the under-construction airport, whereas the Yamuna Expressway Industrial Improvement Authority (YEIDA) and the Higher Noida Industrial Improvement Authority (GNIDA) maintain 12.5 p.c every.

Officers stated that the finances for FY2023-24 is round 40 p.c increased than that of FY22-23, which was Rs 4,880 crore.

The Authority has put aside Rs 1,500 crore for buying land in FY23-24. Practically Rs 500 can be used for land acquisition in Noida area, whereas Rs 1,000 crore has been put aside for buy of land within the New Noida area, which can come up close to Bulandshahar.

The Authority stated it should spend Rs 1,906 crore on infrastructure improvement in Noida and Rs 141 crore on rural improvement.

These choices had been taken on the 209th board assembly of Noida Authority on April 23, the place the Authority’s finances was additionally authorised. The assembly was headed by the Uttar Pradesh Industrial Improvement Commissioner and Chairman of Noida and Higher Noida Authorities, Manoj Kumar Singh. It was additionally attended by Narendra Bhushan, Principal Secretary, Industrial Improvement, and Ritu Maheshwari, CEO, Noida Authority.

Additionally Learn: Higher Noida Authority approves Rs 4,378 crore finances for FY24; allocates Rs 450 crore for Jewar airport

Land allotment charges revised

Within the board assembly, the Noida Authority additionally revised the land allotment charges for industrial plots, IT parks, ITES plots, and knowledge centres by 6 p.c.

Equally, the Authority has elevated the group housing charges by 6 p.c, the Authority stated in a press release after the assembly. Earlier, plots for group housing tasks had been priced between Rs 61,000 and Rs 1.5 lakh per sq. metre (sqm).

The Authority additionally elevated the costs of A to D class plots (priced between Rs 46,800 to Rs 1.11 lakh per sqm) by 6 p.c. Land allotment charges in E class sectors have been revised upwards by 10 p.c to Rs 45,375 per sqm from Rs 41,250 per sqm earlier, the Authority famous.

The charges for the A-plus class have remained unchanged at Rs 1,75,000 per sqm.

The Authority famous that an upward revision in land allotment charges was crucial due to inflation. It stated that the Authority had seen a 5-6 p.c enhance in land prices, therefore it had determined to hike the land allotment charges.

The final time the Authority had elevated charges was August 2022.

Structural security

The Authority has additionally made it necessary — relevant April 1 onwards — for builders making use of for partial or full occupancy certificates (OC) to submit a structural security audit report by one of many empanelled establishments. The Authority stated that it had empanelled seven technical establishments for the structural audit of high-rise buildings within the metropolis.

The technical establishments which have been empanelled to conduct these audits are the Indian Institute of Know-how-Kanpur, Delhi Technical College, Malaviya Nationwide Institute of Know-how (MNIT)-Allahabad, BITS-Pilani, Aligarh Muslim College, MNIT-Jaipur, and the Central Constructing Analysis Institute-Roorkee.

Final November, the Noida Authority had authorised a structural security coverage defining the accountability of each builders and residence house owners’ associations (AOA) in guaranteeing the security of high-rise buildings.