The Noida Authority announced a significant six per cent increase in land allotment prices for the financial year 2024-25 following its 214th board meeting on Friday. The decision is set to impact the rates for group housing, institutional and industrial sectors. The meeting was chaired by UP Chief Secretary and Authority Chairperson Manoj Kumar Singh and attended by Noida Authoriy CEO Lokesh M and Additional CEO Ravindra Kumar along with various board members.

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"The allotment prices of various types of lands including group housing, institutional and industrial sectors have been increased by six per cent for the financial year 2024-25. The rates of residential plots have also been raised by six per cent except in the A+ category, where prices have been kept intact," according to an official statement.

This adjustment also extends to industrial areas and commercial usage, specifically affecting the rates for the IT/ITES sectors, the statement added.

The Noida Authority's board meeting also focused on several critical issues, including the resolution of legacy stalled projects and the implementation of recommendations from the Amitabh Kant committee.

The primary objective of this committee was to protect the interests of home-buyers and ensure the completion of delayed projects. Following the committee's recommendations, the Uttar Pradesh government adopted a policy through an order dated December 21, 2023.

The main goal of this policy is to make homes available to buyers by reviving stalled projects in a timely manner.

"To date, 27 out of 57 projects under this policy have successfully utilised the scheme's benefits, covering approximately 47 per cent of the total developments. As of June 18, 2024, the progress includes the completion of registration for these 27 projects," the statement said.

"The Authority expects to receive Rs 830 crore within a year for the remaining 75 per cent of the funds, paving for implementing registry of approximately 3,000 flats in these projects," it added.

Another important decision was the approval of a proposal to extend the construction period for housing projects. Developers facing delays due to unforeseen circumstances will now have a 10 per cent annual surcharge extension beyond the initial 12-year period, up to a maximum of three years, according to the statement.

"The extension will be granted subject to specific conditions and will not apply to projects where the time extension fee has already been paid," it noted.

Additional initiatives approved by the board include allocating five per cent of residential plots for the displaced farmers of Noida, developing green spaces and biodiversity parks in specified sectors, approving new civil work for the international golf course construction in Sector-151 and developing a deer park and biodiversity park in Sector-91, adhering to all environmental guidelines.

The board also approved forming a committee to study and report on the new Sustainable Development and Building Regulations (SDBR-2023) prepared by the Bureau of Indian Standards (BIS) of the Centre, according to the statement.