Land compensation to farmers hiked, scheme for flat registry soon: Noida Authority

The Noida Authority has announced a hike in land purchase rate from farmers to Rs 5,324 per square metre from the existing Rs 5,060 per square metre.

The authority also said that it would bring a scheme to facilitate the resettlement of dues in group housing projects and sports city plots to help home buyers with the registry.

It further amended provisions related to a time extension for the 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 on Wednesday.

Regarding the determination of rates of land to be purchased from farmers by mutual agreement, the statement read, On the basis of the registered sale deed, the 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 the public interest.

For the facilitation of resettlement in residential projects of group housing, the Noida Authority said, In order to solve the problems in the registry of flats owners, the facility of rescheduling will be brought from 01.01.2023 to 31.03.2023 for depositing overdue 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 the extension of time fixed for completion of work in builders' 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 a time extension fee would be charged on the basis of the area constructed and the remaining area on the project.

In the case of old allotments, time extension for the entire project will be given on a case-to-case basis up to a maximum of 15 years from the lease deed and for new allotments only up to a maximum of 13 years from the lease deed. For the new allotments, if the completion of the first phase of the project is not completed within seven years from the lease deed, the allotment will be compulsorily cancelled, it said in the statement.

The Authority also said it would bring in a scheme for LIG, MIG and HIG residential apartments total of 340 units in sectors 52, 62, 71, 99, 118, and 135. The LIG flats would be allotted on the basis of a lucky draw while the MIG and HIG apartments would be e-auctioned, it added.