The Noida Authority on Wednesday announced a hike in land purchase rate from farmers to Rs. 5,324 per square meters from the existing Rs. 5,060 per square meters. The authority also said that it would bring a scheme to facilitate resettlement of dues in group housing projects and sports city plots to help home buyers with the registry.
It further amended provisions related to time extension for completion of projects by real estate developers.
The decisions were taken during the 208th board meeting of the Noida Authority chaired by Uttar Pradesh Infrastructure and Industrial Development Commissioner Arvind Kumar.
Noida Authority CEO Ritu Maheshwari and Uttar Pradesh Financial Corporation Managing Director Rajshekhar also attended the meeting held here.
Regarding determination of rates of land to be purchased from farmers by mutual agreement, the statement read, “On the basis of registered sale deed, Purchase was being made by the Noida Authority at the rate of Rs. 5,060 per sq.m. It was decided to increase it to Rs. 5,324 per sq.m. in public interest.
For facilitation of resettlement in residential projects of group housing, the Noida Authority said, “In order to solve the problems in the registry of flat owners, the facility of rescheduling will be bought from 01.01.2023 to 31.03.2023 for depositing overdues for residential and sports city plots in Group Housing, Commercial Department.”
“Under the rescheduling facility, the instalments will be rescheduled by capitalizing the overdue amount of premium/interest/or earlier rescheduled premium/interest and additional compensation, lease rent and overdue future instalments. The tenure of the rescheduled payment plan will not exceed two years.”
It also announced bringing in a three months’ amnesty scheme for exemption of interest on water charges and regularization of unauthorized water connections which will be applicable only till March 31, 2023 after which normal rates of recovery would apply, according to the statement.
On extension of time fixed for completion of work in builder plots, the Noida Authority said that in order to encourage speedy execution of sub-lease deed of flats in favour of home buyers, it has been decided that time extension fee would be charges on the basis of area constructed and the remaining area on the project.
