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Greater Noida authority, Real Estate News, ET RealEstate

Greater Noida authority, Real Estate News, ET RealEstate
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NOIDA: Real estate developers will no longer be able to sub-divide and sell land plots allotted to them in Greater Noida, while the industrial units set up before the local authority came into being will also have to pay a development fee, officials said on Monday.

The decisions were taken during the 124th board meeting of the Greater Noida Industrial Development Authority (GNIDA) Board at their office in Greater Noida on Monday. Uttar Pradesh Industrial Development Commissioner Sanjiv Mittal chaired the meeting attended by GNIDA CEO Narendra Bhooshan and other senior officers.

The Board approved a proposal for converting 14 villages into smart villages. Bhooshan informed the Board that pilot project has started in one of these villages, Maicha, and tenders for other 13 villages would be floated soon.

“Under the smart village initiative, drains, sewer lines, drinking water facilities, streets and electricity lines would be developed in villages. This will happen in the first phase of the project. In the second phase, libraries, WiFi, training centres for youth, smart classrooms in schools will be developed in these villages,” the GNIDA said.

“Industrial units, which came into being in Greater Noida even before the GNIDA was formed, will now be able to purchase FAR (floor area ratio) on remaining plots. A fixed fee will have to be paid for this purchase. The GNIDA Board has given an in-principle approval for this decision. These companies will also have to pay development fees,” it said in a statement.

The GNIDA said keeping in mind the interests of flat buyers, the Board has taken an important decision regarding developers sub-dividing plots and selling them.

“Now, the sub-division of big plots has been banned. That is, now the builder will not be able to sell (sub-division) plots allotted to them by the GNIDA on their own. They will have to complete the project. This decision will have two advantages. The builders will take only the land on which they want to build the project. Secondly, buyers’ flats will be available on time,” it said.

The GNIDA said time will not be wasted due to sub-division of plots and the responsibility of giving the flats to buyers on time will be on the allottee builder.


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